Soyabean on NCDEX settled down by -0.1% at 3122  due to arrival of new season crop from Madhya Pradesh, Rajasthan and Maharashtra. Moreover, hopes of bumper crop output along with feeble export demand also prompted weakness. Arrivals of the commodity across the country were at 675,000 bags, higher than 600,000 bags previous day, as farmers were cashing in ahead of Diwali at the end of this month. Forecast of dry and clear weather in Rajasthan, MP and Maharashtra will improve harvesting process of soybean. Record production this season may continue to keep the supplies heavy during coming days.

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 Technically now Soyabean is getting support at 3102 and below same could see a test of 3083 level, And resistance is now likely to be seen at 3136, a move above could see prices testing 3151.                

                              Trading Ideas  

• Soyabean trading range for the day is 3083-3151.

• Soyabean prices dropped due to arrival of new season crop from Madhya Pradesh, Rajasthan and Maharashtra.

• Moreover, hopes of bumper crop output along with feeble export demand also prompted weakness.

• NCDEX accredited warehouses soyabean stocks gained by 2429 tonnes to 6327 tonnes.

• At the Indore spot market in top producer MP, soybean dropped  -23 rupee to 2977 rupee per 100 kgs.