NCDEX SOYABEAN, OPEN INTEREST UP 11.47%

• Soyabean settled down by -1.08% at 3490 due to profit booking after prices seen supported on supply worries following untimely monsoon rains in India and on robust demand in export market. Prices of the bean will also be supported on fear of weak supply following reports of dry weather in Brazil, the second biggest grower of the bean.
• Soyabean trading range for the day is 3434-3572.
• Soyabean prices dropped due to profit booking after prices seen supported on supply worries following untimely monsoon rains in India.
• Global soybean production is projected at a record 312.8 million tons with gains this month for Canada, Ukraine, and Paraguay.
• At the Indore spot market in top producer MP, soybean gained  6 rupee to 3469 rupee per 100 kgs.

SOYABEAN TO TRADE ON BULLISH OUTLOOK

• NCDEX Soybean Jan futures were trading down on Thursday taking cues from the international markets and on profit booking on higher levels. Soybean January contract slipped 1.04% to 3397 levels on Tuesday at NCDEX.
• Soyabean January contract is likely to trade bullish for short term and sideways for intra day. Short term support is seen at 3270 and resistance at 3490. “Intra day support is seen at 3340 and and resistance at 3410.
• Global soybean production is projected at a record 312.8 million tons with gains this month for Canada, Ukraine, and Paraguay. Global rapeseed production is projected at a record 71.9 million tons, up 1.2 million mainly on increased production for Canada, which is estimated at 15.6 million tons.

Soybeans fall for first time in three sessions

U.S. soybean futures fell for the first time in three sessions on Monday as forecasts of rain in South America fuelled expectations of bumper production, though losses were checked by steps by China to stimulate its economy.

Soybeans had drawn support from a surprise interest rate cut in China, while further cuts are also mooted to stimulate the world's second-largest economy.

January soybeans futures, the most actively traded contract, fell 0.4 percent to $10.34-1/2 a bushel, having closed up 1.8 percent in the previous session.Soybeans for January delivery fell 0.4 percent to $10.345 a bushel. 

    

Chicago Board of Trade January soybeans dropped 0.55 percent to $10.33-1/4 a bushel, having firmed 1.8 percent on Friday.