Soyabean yesterday moved as per expectation and dipped by -1.25% tracking the weakness in other agri commodities, also soyabean was trading in an overbought zone for last couple of days. In international markets too, the prices fell on profit booking. The total arrivals of soyabean were 2.25 lakh bags at Madhya Pradesh and Maharashtra arrivals reported at 1.25 lakh bags. At the Indore spot market in top producer MP, soybean dropped -6 Rs to 2215Re 100 kgs. Market has opened at 2313 & made a low of 2284 versus the day high of 2331.5. The total volume for the day was at 152170 lots and the open interest was at 219440.Support for soyabean is at 2271 below that could see a test of 2254. Resistance is now seen at 2318 above that could see a resistance of 2349.

Trading Ideas:

Soyabean trading range is 2254-2349.

Soyabean ended lower tracking the weakness in other agri commodities

Soyabean is taking resistance at 2300 and support is seen at 2270.

NCDEX accredited warehouses soyabean stocks rose 2617 tonnes to 3854 tonnes.

At the Indore spot market in top producer MP, soybean dropped -6 Rs to 2215Re 100 kgs.