Soyabean on NCDEX settled down by -0.77% at 3600 as oilseed planting has progressed almost at par with last year due to plentiful monsoon rains.  

Even as sowing has just begun in many parts of the country, the area under soyabean last year was estimated at 110.656 lakh hectares, which may fall owing to lower returns from the crop. The export of soyameal in June 2016 stood at 17,934 tonnes as compared to 16,647 tonnes in June 2015, showing a marginal increase of 7.73 % over the same period last year.

 The newly planted US soybean is blooming at 76% which is up from 67% during the corresponding period last year and also up from 5 year average of 66%. About 35% soybean is setting pod which is up from 29% during the corresponding period last year and also up from 5 year average of 26%. Also about 71% of the newly planted US soybean crop is under good to excellent conditions which is up from 62% during the same period last year, reported in the US crop progress report dated 24 July 2016. 

At the Indore spot market in top producer MP, soybean dropped  -21 rupee to 3764 rupee per 100 kgs.Technically now Soyabean is getting support at 3581 and below same could see a test of 3562 level, And resistance is now likely to be seen at 3620, a move above could see prices testing 3640.