Soyabean yesterday we have seen that market has moved 1.03% on gains in overseas markets and almost steady domestic arrivals. Overseas markets were up on weather worries in South America and positive US economic data. Due to higher acreage, India’s soya bean production may increase this year. India is one of the top five soybean producers in the world. The country has increased the area under soybean from 9.33 million hectares in 2011-12 to 10.26 million hectares, at present. As per latest USDA’s WASDE report, global soybean production is projected at 269.4 million tons, up 1.7 million with gains in the United States and Brazil only partly offsetting a lower projection for Argentina. Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 110000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -15000 bags of 100kg each to 65000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -10000 bags of 100kg each to 25000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 7 Rs to 3373Re per 100 kgs. Market has opened at 3270 & made a low of 3270 versus the day high of 3299. The total volume for the day was at 101790 lots and the open interest was at 111380.Support for soyabean is at 3272 below that could see a test of 3257. Resistance is now seen at 3301 above that could see a resistance of 3315.

Trading Ideas:

Soybean trading range for the day is 3257-3315.

Soybean prices ended up on gains in overseas markets and almost steady domestic arrivals.

Due to higher acreage, India’s soya bean production may increase this year.

India has increased the area under soybean from 9.33 million hectares in 2011-12 to 10.26 million hectares

At the Indore spot market in top producer MP, soybean gained 7 Rs to 3373Re 100 kgs.