Soyabean yesterday settled down by -2.64% at 3709.50 due to sluggish demand in the spot market. At the Indore spot market in top producer MP, soybean dropped -55 rupee to 3831 rupee per 100 kgs fell substantially in the spot market due to weak demand. In International markets too, prices have eased in the past two days. Favorable monsoon progress reports may not allow market to move up sharply. Further, Indian soybean is trading at high premium over CBOT soybean and traders expect that there is little scope for further upside movement. Today market is likely to trade weak during morning hours however later on recovery may be seen. Monsoon is near which is making the buyers cautious but low arrivals are supporting the prices. Timely and good rains mean better production and smooth soybean supplies in the coming days. Favorable monsoon progress reports may not allow market to move up sharply. Further, Indian soybean is trading at high premium over CBOT soybean and traders expect that there is little scope for further upside movement. Arrivals of soyabean in MP state gained by 5000 bags of 100kg each to 40000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 2000 bags of 100kg each to
10000 bags of 100kg each. China's soybean imports are expected to reach record highs in the coming year, according to forecasts released by the CNGOI Center. The millers in local mandies have reported the negative crushing margin due to higher prices of domestic soyabean in local mandies. Millers also reported that the imported oil is currently available at much lower rates. Therefore, the crushing margins of soyabean decreased by almost Rs 15-20 per quintal in the last one month. Now Soyabean is getting support at 3672 and below same could see a test of 3635 level, And resistance is now likely to be seen at 3780, a move above could see prices testing
3852.

SOYABEAN

Soybean trading range for the day is 3772-3864.

Soyabean dropped nearly 3% on weakness in spot demand and weakness in overseas markets also kept the buyers away.

Monsoon is near which is making the buyers cautious but low arrivals are supporting the prices.

Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 40000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -15 Rs to 3886Re 100 kgs.

SELL SOYABEAN JUNE BELOW 3800 SL 3828 TGT 3778-3754. NCDEX