Soyabean on NCDEX settled down -1.22% at 4038 on expectation of higher supply of the crop from Brazil and India.Prices were also down on subdued demand for the Indian soymeal in export market on higher prices.

                  Bean prices were also down on higher supply hope after Brazilian soybean exports were estimated to be around 55.3 million tons higher by 1 million tons from last year. 

                                US soymeal prices traded at $387.64 per ton as of now. After two successive years of deficient rainfall, monsoon 2016 is expected to be good and the country will receive 106% rainfall of the long period average (LPA).

                     Trading Ideas

• Soyabean trading range for the day is 3989-4105.

• Soyabean prices dropped on expectation of higher supply of the crop from Brazil and India.

• NCDEX accredited warehouses soyabean stocks gained by 1562 tonnes to 17663 tonnes.

• At the Indore spot market in top producer MP, soybean dropped -42 rupee to 4041 rupee per 100 kgs.