Soyabean yesterday we have seen that market has moved -1.51% on the heels of strong estimates of the current kahrif crop along with strong arrivals in major mandies. As per latest data release by SOPA , the estimated national production of soybean during this year (2010) would be to 101.283 lakh tonnes compared to that of 97.246 lakh tonnes during 2009 resulting in 4.15% growth due to sharp gains in productivity in major mandies. The Indore spot market in top producer MP, soybean dropped -12 Rs to 1973Re 100 kgs. Market has opened at 2013 & made a low of 1984.5 versus the day high of 2014. The total volume for the day was at 52020 lots and the open interest was at 96330.Support for soyabean is at 1977 below that could see a test of 1966. Resistance is now seen at 2007 above that could see a resistance of 2025.

Trading Ideas:

Soyabean trading range is 1966-2025.

Soyabean settled lower due to strong arrivals in major mandies

Soyabean is taking resistance at 2007 and support is seen at 1977.

NCDEX accredited warehouses soyabean stocks fell 1455 tonnes to 1786 tonnes.