Soyabean yesterday we have seen that market has moved 0.6% due to firm domestic demand and strong overseas demand for its by-product, oilmeal. Farmers in Maharashtra and Madhya Pradesh, top two soybean producing states in the country, have hastened harvesting as weather has been dry in these areas. At the Indore spot market in top producer MP, soybean gained 48 Rs to 1993Re 100 kgs. Market has opened at 1995 & made a low of 1981 versus the day high of 2034. The total volume for the day was at 83690 lots and the open interest was at 74370.Support for soyabean is at 1975 below that could see a test of 1951. Resistance is now seen at 2028 above that could see a resistance of 2057.

Trading Ideas:

Soyabean trading range is 1951-2057.

Soyabean settled positive due to firm domestic demand and strong overseas demand

Soyabean is taking resistance at 2028 and support is seen at 1975.

NCDEX accredited warehouses soyabean stocks fell 1265 tonnes to 461 tonnes.

At the Indore spot market in top producer MP, soybean gained 48 Rs to 1993Re 100 kgs.