Soyabean yesterday we have seen that market has moved -0.05% as higher acreage under summer-sown oilseeds and favourable weather triggered profit-taking. In the Indore spot market, soybean eased by 6 rupees to 2,120 rupees per 100 kg. Soybean Processors Association of India (SOPA) Spokesperson told that total area under cultivation in the country stood at 89.72 lakh hectare, of which Madhya Pradesh accounted for 51 lakh hectare. The area however, has contracted by 6.98 lakh hectare from 96.70 lakh hectare last year. Market has opened at 2172 & made a low of 2145 versus the day high of 2178.5. The total volume for the day was at 90300 lots and the open interest was at 145240.Support for soyabean is at 2147 below that could see a test of 2129. Resistance is now seen at 2181 above that could see a resistance of 2196.

Trading Ideas:

Soyabean trading range is 2128-2195.

Soyabean ended in negative zone as profit-taking triggered.

Resistance for the soyabean is at 2181 and support is at 2147.

NCDEX accredited warehouses soyabean stocks inched down by a tonne to 789 tonnes.

In Indore spot prices fell 6 rupees and settled at 2120 rupees per 100 kg