Soyabean on NCDEX settled down by -0.24% at 3796 on profit booking after gaining on supply worries in domestic market after Industry trimmed forecast for stocks of bean in domestic market and on higher demand for the bean following higher United States weekly soybean export sales data. 

Soyabean trading range for the day is 3761-3851. Prices of the bean were up after Soybean Processors Association of India (SOPA) projected bean stocks at end of 2015-16 season lower at 471,000 ton due to fall in output. The latest projections for supply and demand from October 2015 to May 2016 and for full Oil year is 471,000 as against 612,000 ton a year ago, said a SOPA release.

US soybean planting is 83% complete as on 5 June 2016 which is up from 77% during corresponding period last year and also above from 5 year average of 77%. Further, about 65% of the newly planted US soybean has emerged which is up from 60% during the corresponding period last year and also up from 5 year average of 57%.About 72% of the newly planted US soybean crop is under good to excellent conditions which up 69% during the same period last year. 

At the Indore spot market in top producer MP, soybean dropped  -27 rupee to 3875 rupee per 100 kgs.Technically now Soyabean is getting support at 3779 and below same could see a test of 3761 level, And resistance is now likely to be seen at 3824, a move above could see prices testing 3851.