Soyabean yesterday we have seen that market has moved 0.27% on thin supplies in the physical market and a rise in overseas prices. At lower level buying is emerging in soybean as futures are trading in a sharp discount to spot market. Oil millers are interested in buying, but supplies are limited. Arrivals of soyabean in Madhya Pradesh state gained by 20000 bags of 100kg each to 90000 bags of 100kg each. The domestic disappearance of US soybean meal for 2012-13 is forecast up 150,000 short tons this month to 29.9 million. Along with the soybean oil output generated by additional crushing, a higher extraction rate is expected to boost 2012/13 production—which is forecast 275 million pounds higher this month to 19 billion pounds. Part of the expansion in soybean oil supply is likely to be exported. For 2012/13, the export forecast for soybean oil is raised 150 million pounds this month to 2.3 billion. At the Indore spot market in top producer MP, soybean dropped -7 Rs to 3379Re per 100 kgs. Market has opened at 3287 & made a low of 3282 versus the day high of 3317.5. The total volume for the day was at 57150 lots and the open interest was at 77450.Support for soyabean is at 3284 below that could see a test of 3265. Resistance is now seen at 3320 above that could see a resistance of 3336.

Trading Ideas:

Soybean trading range for the day is 3266-3336.

Soyabean ended with gains on thin supplies in the physical market and a rise in overseas prices.

Arrivals of soyabean in Madhya Pradesh state gained by 20000 bags of 100kg each to 90000 bags of 100kg each.

NCDEX accredited warehouses soyabean stocks gained by 120 tonnes to 9330 tonnes.

At the Indore spot market in top producer MP, soybean dropped -7 Rs to 3379Re 100 kgs.