NCDEX SOYABEAN WEAKNESS , PRICE DOWN BY 0.46%

• Soyabean settled down by -0.46% at 3460 on oversupply of the crop in global market and on weak demand for Indian meal in export market . Soyabean trading range for the day is 3432-3504.
• Export of soyabean meal from the country in the past year has declined sharply. According to statistics release by the Soyabean Processors Association of India (SOPA) here, export of soyabean during December 2014 was 1,94,012 tonnes as compared to 4,70,799 tonnes in the same period of last year.
•  At the Indore spot market in top producer MP, soybean gained  13 rupee to 3418 rupee per 100 kgs.  
• Technically market is under long liquidation as market has witnessed drop in open interest by -0.49% to settled at 89100 while prices down -16 rupee, now Soyabean is getting support at 3446 and below same could see a test of 3432 level, and resistance is now likely to be seen at 3482, a move above could see prices testing 3504.