Soyabean on NCDEX settled up by 0.6% at 4000 due to concerns over potential crop damage in Argentina. 

              Initially, the trade body SOPA had projected output at 7.37 million tons as against 8.7 million tons a year ago. With a carryover stock of 612,000 tons, the total availability is estimated at 7.54 million tons and after retaining 1.1 million tons for sowing purpose the net availability is estimated at 6.44 million tons, said SOPA in statement. Content this no 9827808090

 At the Indore spot market in top producer MP, soybean gained  51 rupee to 4112 rupee per 100 kgs.Technically now Soyabean is getting support at 3965 and below same could see a test of 3929 level, And resistance is now likely to be seen at 4031, a move above could see prices testing 4061.   

                               Trading Ideas

• Soyabean trading range for the day is 3929-4061.

• NCDEX accredited warehouses soyabean stocks dropped by 4305 tonnes to 41083 tonnes.       

•  At the Indore spot market in top producer MP, soybean gained  51 rupee to 4112 rupee per 100 kgs

• United States forecasts for Brazil, 2016-17 output hiked at 103 million tons compared to 99 million tons in the same period a year ago.