Soyabean ended higher due to short covering on Saturday. Prices rallied higher also as market opened after a gap of one day. U.S. farmers will plant enough corn and soybeans this spring to produce record-large crops, threatening to add to larger than expected stockpiles. In Indore spot market in top producer Madhya Pradesh, soybean price rose by 7 rupees to 2,017 rupees. Soyabean yesterday we have seen that market has moved 0.76%. Market has opened at 2040 & made a low of 2040 versus the day high of 2061. The total volume for the day was at 32980 lots and the open interest was at 92760.Support for soyabean is at 2038 below that could see a test of 2029. Resistance is now seen at 2059 above that could see a resistance of 2071.

Trading Ideas:

Soyabean trading range is 2029-2071.

Soyabean ended higher due to short covering on Saturday

Resistance for the soyabean is at 2042 and support is at 2011.

NCDEX accredited warehouses soyabean stocks fell by 53 tonnes to 6297 tonnes.

In Indore spot prices gained 7 rupees lower to 2,017 rupees per 100 kg

SELL SOYABEAN APR @ 2060 SL 2075 TGT 2046-2024-2010.NCDEX