Soyabean yesterday we have seen that market has moved -1.23% on selling by speculators, in line with weak global sentiment. Increased supply and reduced offtake in physical markets due to lower international markets cue also led to a fall in soyabean prices. The total arrivals of 1.50 lakh bags at Madhya Pradesh and Maharashtra reported at 0.48 lakh bags with the price range of Rs 2000-2010 per quintal. At the Indore spot market in top producer MP, soybean dropped -25 Rs to 1982Re 100 kgs. Market has opened at 2029 & made a low of 1997 versus the day high of 2029. The total volume for the day was at 71710 lots and the open interest was at 96440.Support for soyabean is at 1994 below that could see a test of 1979. Resistance is now seen at 2026 above that could see a resistance of 2043.

Trading Ideas:

Soyabean trading range is 1979-2043.

Soyabean settled weak on selling pressure in line with weak global sentiment

Soyabean is taking resistance at 2026 and support is seen at 1994.

Total arrivals of 1.50 lakh bags at Madhya Pradesh and Maharashtra reported at 0.48 lakh bags