Soyabean yesterday we have seen that market has moved 0.45% on bargain-buying driven by hopes of an improvement in demand. India's soybean output in 2010/11 is likely to top last year's and meal exports from the new crop are likely to rise significantly as lower bean prices are seen giving an edge to Indian exporters. At the Indore spot market in top producer MP, soybean dropped -1 Rs to 1971Re 100 kgs. Market has opened at 2000 & made a low of 1976.5 versus the day high of 2010. The total volume for the day was at 63220 lots and the open interest was at 93050. Support for soyabean is at 1984 below that could see a test of 1963. Resistance is now seen at 2017 above that could see a resistance of 2030.

Trading Ideas:

Soyabean trading range is 1963-2030.

Soyabean settled firm on bargain-buying driven by hopes of improvement in demand

Resistance for the soyabean is at 2017 and support is at 1984.

NCDEX accredited warehouses soybean stocks rose 59 tonnes to 3199 tonnes.

At the Indore spot market in top producer MP, soybean dropped -1 Rs to 1971Re 100 kgs.