Soyabean yesterday settled up 0.15% at 3636 as rains disrupt arrivals in spot markets and raise the fear of more damage to crop. Many soybean growing areas witnessed heavy rains in last some days. Also, farmers fear the rains would destroy the harvested crop lying in fields. Currently, the crop which is reaching markets is damaged and spotted. Also, this also raises fear of low and delayed crushing giving way to low soy product supplies in the coming days. Low soyoil and soymeal supplies will support the prices in the coming days. Arrivals of soyabean in Madhya Pradesh state dropped by -175000 bags of 100kg each to 150000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -35000 bags of 100kg each to 115000 bags of 100kg each. Soybean Processors Association of India (SOPA) has estimated the country's soybean yields at 1,079 kilogram per hectare in 2013/14, down 8.9 percent from 1,185 kilogram per hectare in 2012/13. There are reports that excessive rainfall in a couple of major soybean-growing areas damaged the crop, leading to a decline in average yield this year. As per survey conducted by SOPA, the all India estimated yield for Kharif 2013 is 1,079kg per hectare, as compared to 1,185kg per hectare during Kharif 2012, which is decreased by 8.94 per cent. At the Indore spot market in top producer MP, soybean gained 48 rupee to 3594 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 4.24% to settled at 143860 while prices up 5.5 rupee, now Soyabean is getting support at 3604 and below same could see a test of 3573 level, And resistance is now likely to be seen at 3680, a move above could see prices testing 3725.

Trading Ideas:

Soyabean trading range for the day is 3575-3727.

Soybean prices ended up as rains disrupt arrivals in spot markets and raise the fear of more damage to crop.

Many soybean growing areas witnessed heavy rains in last some days.

Farmers fear the rains would destroy the harvested crop lying in fields.

At the Indore spot market in top producer MP, soybean gained 48 rupee to 3594 rupee per 100 kgs.