Soyabean yesterday we have seen that market has moved 2.32% on weak rupee and an improvement in demand in the spot market from oil millers. Traders are expecting a revival in soymeal exports to Iran. Weak rupee is also helping sentiment. China, the world's top soybean buyer, imported 3.84 million tons of the oilseed in March, up 32.4 percent from February but down 20.5 percent from a year ago as port congestion in Brazil delayed some shipments. However it is likely to import less this year. As per the data released by SEA of India, the export of oil-meals during March 2013 is reported 430,407 tons compared to 628,337 tons in March 2012 i.e. down by 32%. The total export of oil- meals during April 2012 to March 2013 has reduced and reported at 4,846,013 tons compared to 5,599,098 tons during the same period of last year i.e. down by 13%. 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). At the Indore spot market in top producer MP, soybean gained 53 Rs to 3997Re per 100 kgs. Market has opened at 3865 & made a low of 3865 versus the day high of 3970. The total volume for the day was at 154570 lots and the open interest was at 102630.Support for soyabean is at 3882 below that could see a test of 3821. Resistance is now seen at 3987 above that could see a resistance of 4031.

Trading Ideas:

Soybean trading range for the day is 3821-4031.

Soyabean gained on weak rupee and an improvement in demand in the spot market from oil millers.

Traders are expecting a revival in soymeal exports to Iran. Weak rupee is also helping sentiment.

Export of Soyameal from India fell by over 12 per cent to 34.33 lakh tons in the 2012-13 fiscal.

At the Indore spot market in top producer MP, soybean gained 53 Rs to 3997Re 100 kgs.