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Soyabean on NCDEX settled up by 0.49% at 3069 on account of good crushing demand from the mills. However, improving arrivals in the domestic market and forecasts for some much-needed rain in dry parts of Argentina’s growing areas, capped some gains. Looking at poor demand of soy meal some plants have reduced their crushing capacity and 5-10% plants have closed down their operation due to higher inventory of soy meal in those plants. Data published by government of Brazil, the world's second-biggest bean producers, also showed sharp rally in harvest of soybean this year.
         

In addition to that, India's exports of soybean oilmeal during November climbed four fold to 51,805 tons as compared to 8,909 tons in November 2015, data released from Solvent Extractors Association of India (SEA) showed. Further, China, the world's largest soy buyer, imported 7.84 million tons of soybeans in November, the highest in nearly a year, government data showed on, as crushers replenished stocks ahead of the peak consumption period. 

                   At the Indore spot market in top producer MP, soybean dropped -1 rupee to 3034 rupee per 100 kgs.Technically now Soyabean is getting support at 3055 and below same could see a test of 3040 level, And resistance is now likely to be seen at 3081, a move above could see prices testing 3092.

                            Trading Ideas

• Soyabean trading range for the day is 3040-3092.
• Soyabean prices gained on account of good crushing demand from the mills.
• However, improving arrivals in the domestic market and forecasts for some much-needed rain in Argentina’s growing areas, capped some gains.
• NCDEX accredited warehouses soyabean stocks gained by 5723 tonnes to 116491 tonnes.