Soyabean yesterday we have seen that market has moved -0.68% on an estimated rise in output of summer-sown oilseeds and higher soybean arrivals, though robust export demand for soymeal limited the downside. International market is moving up but arrivals are rising. Weather conditions are favourable for harvesting. Soybean output is likely to increase by 16 percent to 9.5 million tons in the year 2010-11.  At the Indore spot market in top producer MP, soybean dropped -4 Rs to 2007Re 100 kgs. Market has opened at 2039 & made a low of 2030 versus the day high of 2051. The total volume for the day was at 58340 lots and the open interest was at 97120.Support for soyabean is at 2024 below that could see a test of 2016. Resistance is now seen at 2045 above that could see a resistance of 2058.

Trading Ideas:

Soyabean trading range is 2016-2058.

Soyabean settled weak on an estimated rise in output and higher soybean arrivals

Soyabean is taking resistance at 2045 and support is seen at 2024.

Soybean output is likely to increase by 16 percent to 9.5 million tons in the year 2010-11