Soyabean yesterday we have seen that market has moved 2.41%  tracking gains in spot demand on expectations of a reduction in crushing operations in the coming months. Domestic soybean prices are supported by soybean meal demand from poultry feed industry in Maharashtra. Good soy meal demand from Iran is also supporting the prices and it may continue in coming days. Anticipation of reduction in global soybean supply estimates for April 2013 when compared to the last month might support an upside trend in global soybean prices. The tight US supply could lead to major processing plants in US to extend their downtime this summer. So this could be a very big supporting factor for soybean prices. Export of Soyameal from India fell by over 12 per cent to 34.33 lakh tons in the 2012-13 fiscal. The fall is mainly due to sluggish supply of soybean, while shipments to Iran grew exceptionally, according to Soybean Processors Association of India (SOPA). Exports were at 39.14 lakh tons in the year-ago period. Maximum exports of soyameal were to Iran at 8,38,454 tonnes, followed by Japan at 6,00,021 tons and France 2,81,255 tons during 2012-13 fiscal, it said. As per the latest WASDE report released by USDA, global oilseed production for 2012/13 is projected at 466.8 million tons, down slightly from last month as reduced soybean and sunflower seed production is mostly offset by increased rape-seed and cotton seed production. Argentina soybean production is projected at 51.5 million tons, down 1.5 million tons. Brazil soy-bean production estimates is kept at 83.5 MMT unchanged. At the Indore spot market in top producer MP, soybean gained 73 Rs to 4179Re per 100 kgs. Market has opened at 4026 & made a low of 4023 versus the day high of 4132. The total volume for the day was at 179430 lots and the open interest was at 108960.Support for soyabean is at 4043 below that could see a test of 3979. Resistance is now seen at 4152 above that could see a resistance of 4197.

Trading Ideas:

Soybean trading range for the day is 3979-4197.

Soyabean prices ended with gains tracking gains in spot demand on expectations of a reduction in crushing operations.

Domestic soybean prices are supported by soybean meal demand from poultry feed industry in Maharashtra.

Good soy meal demand from Iran is also supporting the prices and it may continue in coming days.

At the Indore spot market in top producer MP, soybean gained 73 Rs to 4179Re 100 kgs.