Soyabean yesterday we have seen that market has moved -2.23% on fresh arrivals and higher production estimates. Forecast of dry weather over central India weighed on sentiment as it will allow farmers to accelerate soybean harvesting. Everyone is expecting higher production of soybean this year due to better yields. Arrivals have started in Madhya Pradesh and will rise substantially by mid-October. At the Indore spot market in top producer MP, soybean dropped -27 Rs to 2001Re 100 kgs. Market has opened at 2058 & made a low of 2014 versus the day high of 2065.5. The total volume for the day was at 84270 lots and the open interest was at 92530.Support for soyabean is at 2002 below that could see a test of 1982. Resistance is now seen at 2053 above that could see a resistance of 2085.

Trading Ideas:

Soyabean trading range is 1982-2085.

Soyabean settled lower on fresh arrivals and higher production estimates

Resistance for the soyabean is at 2053 and support is at 2002.

NCDEX accredited warehouses soybean stocks rose 30 tonnes to 3241 tonnes.

At the Indore spot market in top producer MP, soybean dropped -27 Rs to 2001Re 100 kgs.