Soyabean yesterday we have seen that market has moved 0.9% due to falling arrival of soybeans. Climate is decimating the crop in South America, and India stands to gain. Prices are higher also due to lower arrival of soybean. Soybean arrival has fallen to 500,000-600,000 bags from 800,000-900,0000 tonnes a few weeks ago. At the Indore spot market in top producer MP, soybean gained 11 Rs to 2190Re 100 kgs. Market has opened at 2234 & made a low of 2229.5 versus the day high of 2250. The total volume for the day was at 62850 lots and the open interest was at 161180.Support for soyabean is at 2234 below that could see a test of 2221. Resistance is now seen at 2254 above that could see a resistance of 2262.

Trading Ideas:

Soyabean trading range is 2221-2262.

Soyabean ended positive due to falling arrival of soybeans

Soyabean is taking resistance at 2262 and support is seen at 2234.

NCDEX accredited warehouses soyabean stocks rose 143 tonnes to 5646 tonnes.

At the Indore spot market in top producer MP, soybean gained 11 Rs to 2190Re 100 kgs.