Soyabean settled down -0.85% at 3785 due to weak demand from crushers. Weak soy product demand and lack of support from overseas markets have affected the crusher's intake. Currently, both soymeal and soyoil demand is extremely low which is affecting the soybean buying in the domestic markets. Soymeal export demand is low as the overseas buyers are finding the Indian prices higher compared with other international suppliers. Increased global supplies due to good crop prospects in South American countries like Brazil and Argentina are putting pressure on soybean prices worldwide. Farmers are not bringing their produce to the markets due to declining prices. Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 100000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 30000 bags of 100kg each to 90000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 5000 bags of 100kg each to 25000 bags of 100kg each. The export of oilmeals during Apr-Dec surged by 7% to 3.16 million tons compared to 2.95 million tons during the same period of last year, data from the Solvent Extractors Association showed. At the Indore spot market in top producer MP, soybean dropped -31 rupee to 3994 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.92% to settled at 122310 while prices down -32.5 rupee, now Soyabean is getting support at 3766 and below same could see a test of 3746 level, And resistance is now likely to be seen at 3820, a move above could see prices testing 3854.

Trading Ideas:

Soyabean trading range for the day is 3747-3855.

Soyabean ended with losses due to weak demand from crushers.

USDA estimated the total Soyabean production at 286.82 million tonnes , up 1.88 million tonnes from the last month.

NCDEX accredited warehouses soyabean stocks gained by 10 tonnes to 451 tonnes.

At the Indore spot market in top producer MP, soybean dropped -31 rupee to 3994 rupee per 100 kgs.