Soyabean on NCDEX settled up 1.67% at 3591 supported by lower area under soybean in the Kharif sowing season so far. Fears that moisture stress in some areas of Maharashtra may hit crop yield aided the sentiment. Further soyabean acreage fell 11% to 79.82 lakh hectares until July 19, traders are hoping a recovery in sowing operations coming days. Latest official data showed that the kharif oilseeds area is up marginally by 0.20% at 167.89 lh while Soybean area has gained 0.91% to 112.51 lh as on now. India plans to impose an extra 5% tax on vegetable oil imports within weeks and use the revenue to help boost the country's stagnating oilseed production, two government sources said. Now, the government plans to create an oilseed fund by imposing the 5% surcharge, or cess, that will be used to help Indian farmers step up oilseed production, said the sources. China's July soybean imports from Argentina increased 328% month on month and 269% year on year to 1.07 million mt, according to customs data. The focus in China might turn to Argentinian soybeans, world's third largest soybean exporter, as Brazilian inventories are expected to deplete in the coming months. China's soybean imports in July rose 32.5% month on month and 8% year on year to 8.64 million mt, according to data released. Technically market is under fresh buying as market has witnessed gain in open interest by 6.22% to settled at 36870 while prices up 59 rupees, now Soyabean is getting support at 3545 and below same could see a test of 3500 level, and resistance is now likely to be seen at 3623, a move above could see prices testing 3656.
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