Soyabean yesterday we have seen that market has moved -1.78% as speculators preferred to reduce their holdings, driven by weak overseas cues. Lower trends at global markets put pressure on traders to off-load their positions. Rise in supply and weakness in demand of soymeal from export houses, too influenced the trading sentiments. At the Indore spot market in top producer MP, soybean dropped -22 Rs to 2011Re 100 kgs. Market has opened at 2089 & made a low of 2040 versus the day high of 2090. The total volume for the day was at 71030 lots and the open interest was at 97000.Support for soyabean is at 2025 below that could see a test of 2007. Resistance is now seen at 2075 above that could see a resistance of 2107.

Trading Ideas:

Soyabean trading range is 2007-2107.

Soyabean settled weak driven by weak spot market and overseas cues.

Soyabean is taking resistance at 2075 and support is seen at 2025.

Spread between Soyabean OCT & NOV contracts yesterday traded in the range of 26 to 36.