Soyabean ended weak as higher soybean arrivals in the spot market outweighed good demand. Spot markets in Maharashtra and Madhya Pradesh are still getting good amount of soybean arrivals. Demand is there, but currently arrivals are outstripping demand. At the Indore spot market in top producer MP, soybean gained 3 Rs to 2184Re 100 kgs. Market has opened at 2260 & made a low of 2238 versus the day high of 2260. The total volume for the day was at 69680 lots and the open interest was at 201000.Support for soyabean is at 2237 below that could see a test of 2227. Resistance is now seen at 2259 above that could see a resistance of 2271.

Trading Ideas:

Soyabean trading range is 2226-2270.

Soyabean ended down due to higher soybean arrivals in the spot market

Soyabean is taking resistance at 2259 and support is seen at 2237.

NCDEX accredited warehouses soyabean stocks rose 1177 tonnes to 10226 tonnes.

At the Indore spot market in top producer MP, soybean gained 6 Rs to 2187Re 100 kgs.