Soyabean yesterday we have seen that market has moved 1.7% tracking a rally in overseas markets. U.S. soybean futures extended a rally on Thursday to a fresh 14-month high, supported by strong Chinese demand, but all grains futures came off the day's highs on a spike in the dollar. The total arrivals of 4.65 lakh bags at Madhya Pradesh and Maharashtra reported at 1.50 lakh bags. At the Indore spot market in top producer MP, soybean gained 38 Rs to 2198Re 100 kgs. Market has opened at 2245 & made a low of 2245 versus the day high of 2278. The total volume for the day was at 123340 lots and the open interest was at 136350.Support for soyabean is at 2254 below that could see a test of 2233. Resistance is now seen at 2287 above that could see a resistance of 2299.

Trading Ideas:

Soyabean trading range is 2233-2299.

Soyabean settled positive tracking a rally in overseas markets

Soyabean is taking resistance at 2287 and support is seen at 2254.

NCDEX accredited warehouses soyabean stocks rose 373 tonnes to 864 tonnes.

At the Indore spot market in top producer MP, soybean gained 38 Rs to 2198Re 100 kgs.