Soyabean yesterday we have seen that market has moved 1.46% on good export demand for meals, though an estimated rise in output of summer-sown oilseeds weighed. 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 21 Rs to 2033Re 100 kgs. Market has opened at 2055 & made a low of 2055 versus the day high of 2096. The total volume for the day was at 59000 lots and the open interest was at 93580.Support for soyabean is at 2057 below that could see a test of 2036. Resistance is now seen at 2098 above that could see a resistance of 2118.

Trading Ideas:

Soyabean trading range is 2036-2118.

Soyabean settled positive on good export demand for meals.

Soyabean is taking resistance at 2098 and support is seen at 2057.

India's soybean output in 2010/11 is likely to top last year's