Demand for meal is good from domestic as well as overseas buyers. The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for January also cut forecast for ending stockpiles compared to previous month, the department said in its World Agriculture Supply and Demand Estimates report. 

The USDA expects soybean output in US, the world's biggest bean grower, at 117.2 million tons in January compared to 118.7 million tons in the previous month while higher than 106.9 million tons a year ago. USDA also expects 2016-17 US soybean ending stockpiles to fall to 420 million bushels in January compared to 480 million tons in the previous month while higher than 197 million bushels estimated in the same period a year ago.

                Trading Ideas

1. Soyabean trading range for the day is 3065-3149.

2. Soyabean settled flat as prices paired gained after gaining earlier on buying at lower level and on hope higher demand. 

3. Crush margins have turned marginally negative and may limit demand from processors going forward. 

4. NCDEX accredited warehouses soyabean stocks gained by 2537 tonnes to 186625 tonnes. At the Indore spot market in top producer MP, soybean gained  16 Rupees to 3057 Rupees per 100 kgs.