Soyabean ended firm as local demand remained good enough which encouraged the physical market traders to buy soybean on the prevailing prices. Latest USDA report fueled the international market sentiments. As per the report, soybean consumption is expected to increase significantly by around 11 and 6% in India and world respectively during 2010-11 At the Indore spot market in top producer MP, soybean gained 51 Rs to 2290Re 100 kgs. Market has opened at 2400 & made a low of 2362 versus the day high of 2400. The total volume for the day was at 154830 lots and the open interest was at 228950.Support for soyabean is at 2362 below that could see a test of 2343. Resistance is now seen at 2400 above that could see a resistance of 2419.

Trading Ideas:

Soyabean trading range is 2343-2419.

Soyabean ended firm as local demand remained good enough which encouraged traders

Soyabean is taking resistance at 2400 and support is seen at 2362.

NCDEX accredited warehouses soybean stocks rose 231 tonnes to 3070 tonnes.

At the Indore spot market in top producer MP, soybean gained 51 Rs to 2290Re 100 kgs.