Soyabean on NCDEX settled down by -1.07% at 2869 due to forecasts of ample supplies in global markets, as Informa raised its forecast of US 2017 soybean plantings to 89.662 million acres, above the USDA's March figure of 89.5 million acres. Soybean arrivals in local mandis spurted as marginal fall in plant delivery rate boosted buying activity and as farmers offloading stocks to prepare for sowing. All India soybean arrivals were stood at 145,000-150,000 bags (90 kilogram per bag) as compared to 130,000-135,000 bags.

At the Indore spot market in top producer MP, soybean dropped -30 Rupees to 3041 Rupees per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.07% to settled at 130990 while prices down -31 rupees, now Soyabean is getting support at 2854 and below same could see a test of 2838 level, And resistance is now likely to be seen at 2898, a move above could see prices testing 2926.

Trading Ideas:

* Soyabean trading range for the day is 2838-2926.

* Soyabean ended with losses due to forecasts of ample supplies in global markets.

* Informa raised its forecast of US 2017 soybean plantings to 89.662 million acres, above the USDA's March figure of 89.5 million acres.

* NCDEX accredited warehouses soyabean stocks dropped by 3902 tonnes to 128116 tonnes.

* At the Indore spot market in top producer MP, soybean dropped -30 Rupees to 3041 Rupees per 100 kgs.

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