Commodity Outlook for Soyabean by Kedia CommoditySoyabean yesterday we have seen that market has moved 4.04% tracking rally in overseas market and good export demand for soymeal prompted traders to raise investments. Soybean arrivals are rising, but oil millers are also active in the market. They have good orders for soymeal exports. At the Indore spot market in top producer MP, soybean gained 47 Rs to 2127Re 100 kgs. Market has opened at 2144.5 & made a low of 2135 versus the day high of 2211. The total volume for the day was at 205030 lots and the open interest was at 125690. Support for soyabean is at 2158 below that could see a test of 2109. Resistance is now seen at 2234 above that could see a resistance of 2261.

Trading Ideas:

Soyabean trading range is 2109-2261.

Soyabean settled higher tracking rally in overseas market and good export demand for soymeal

Soyabean is taking resistance at 2234 and support is seen at 2158.

Soybean arrivals are rising, but oil millers are also active in the market.

At the Indore spot market in top producer MP, soybean gained 47 Rs to 2127Re 100 kgs.