Soyabean yesterday we have seen that market has moved 1.26% on hopes demand will improve in coming weeks.  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 gained 22 Rs to 2003Re 100 kgs. Market has opened at 2028 & made a low of 2028 versus the day high of 2057. The total volume for the day was at 50930 lots and the open interest was at 95460.Support for soyabean is at 2031 below that could see a test of 2015. Resistance is now seen at 2060 above that could see a resistance of 2073.

Trading Ideas:

Soyabean trading range is 2015-2073.

Soyabean settled higher on hopes demand will improve in coming weeks

Resistance for the soyabean is at 2060 and support is at 2031.

NCDEX accredited warehouses soybean stocks rose 11 tonnes to 3180 tonnes.

At the Indore spot market in top producer MP, soybean gained 22 Rs to 2003Re 100 kgs.