Soyabean on NCDEX settled down by -2.09% at 3231  on easing supply worries from United States following improved crop reports. According to USDA, weekly crop progress report around 73% of the soybean crops are in good to excellent conditions same as last week. However it is higher compared to prior 5 year average.

The month-to-month decrease of 1.9% in USDA’s forecast soybean production is due to price changes. The 2016/17 soybean crop is not as large as was first expected due to a shift in prices now being more favorable to corn than soybeans.At the Indore spot market in top producer MP, soybean dropped  -14 rupee to 3499 rupee per 100 kgs.Technically now Soyabean is getting support at 3186 and below same could see a test of 3141 level, And resistance is now likely to be seen at 3307, a move above could see prices testing 3383.   

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