Soyabean yesterday we have seen that market has moved 0.37% tracking recovery in the U. S. market and on a sharp rise in meal exports and thin soybean arrivals. Farmers and stockists are trimming soybean supplies at lower levels. The total arrivals of soyabean were 3.50 lakh bags at Madhya Pradesh and Maharashtra reported at 2 lakh bags. At the Indore spot market in top producer MP, soybean dropped -37 Rs to 2221Re 100 kgs. Market has opened at 2299 & made a low of 2291 versus the day high of 2360. The total volume for the day was at 160720 lots and the open interest was at
224110. Support for soyabean is at 2283 below that could see a test of 2253. Resistance is now seen at 2352 above that could see a resistance of 2391.

Trading Ideas:

Soyabean trading range is 2254-2392.

Soyabean ended positive tracking overseas market and thin soybean arrivals

Soyabean is taking resistance at 2330 and support is seen at 2298.

NCDEX accredited warehouses soyabean stocks fell 2032 tonnes to 1237 tonnes.

At the Indore spot market in top producer MP, soybean dropped -37 Rs to 2221Re 100 kgs.