Soyabean yesterday we have seen that market has moved -0.45% weighed down by expectations of rising arrivals. Soybean arrivals are seen rising as rains over growing areas have finally stopped, giving a boost to harvesting operations. The total arrivals of soyabean were 3.25 lakh bags at Madhya Pradesh and Maharashtra reported at 1.90 lakh bags. At the Indore spot market in top producer MP, soybean gained 52 Rs to 2222Re 100 kgs. Market has opened at 2340 & made a low of 2302 versus the day high of 2340. The total volume for the day was at 99420 lots and the open interest was at 217240. Support for soyabean is at 2297 below that could see a test of 2281. Resistance is now seen at 2335 above that could see a resistance of 2357.

Trading Ideas:

Soyabean trading range is 2280-2356.

Soyabean settled down weighed by expectations of rising arrivals

Soyabean is taking resistance at 2335 and support is seen at 2297.

NCDEX accredited warehouses soybean stocks rose 360 tonnes to 2406 tonnes.

At the Indore spot market in top producer MP, soybean gained 52 Rs to 2222Re 100 kgs.