Soyabean yesterday we have seen that market has moved -0.43% weighed by rising arrivals in the local market, although firm domestic physical demand and global cues kept the downside limited. Inventories of soybean oil and palm oil will drop 12 percent in the coming year as China and India increase consumption by 11 percent, U. S. Department of Agriculture data show. The total arrivals of soyabean were 4.10 lakh bags at Madhya Pradesh and Maharashtra reported at 1.50 lakh bags. At the Indore spot market in top producer MP, soybean dropped -7 Rs to 2148Re 100 kgs. Market has opened at 2218 & made a low of 2192 versus the day high of 2225. The total volume for the day was at 38780 lots and the open interest was at 105820. Support for soyabean is at 2186 below that could see a test of 2173. Resistance is now seen at 2219 above that could see a resistance of 2239.

Trading Ideas:

Soyabean trading range is 2173-2239.

Soyabean settled weak weighed by rising arrivals in the local market

Soyabean is taking resistance at 2219 and support is seen at 2186.

NCDEX accredited warehouses soyabean stocks rose 72 tonnes to 1858 tonnes.

At the Indore spot market in top producer MP, soybean dropped -7 Rs to 2148Re 100 kgs.