Soya bean yesterday we have seen that market has moved 0.2% tracking the firm international markets. However, the session remained volatile as markets surrendered the gains which were later supported by bargain buying which again pushed prices higher to close near the day's high. Concerns over South American crop have continued to remain a bullish factor in addition to the jump in Indian oil meal exports along with a drop in vegetable oil imports. Argentina's 2011 soy crop could fall as low as 43 million to 48 million tonnes, down from 54.4 million tonnes in 2010. Arrivals at the Indore spot markets were close to 2.5 lakh bags, slightly higher from the previous day which capped the gains. Market has opened at 2294.5 & made a low of 2291 versus the day high of 2309. The total volume for the day was at 86490 lots and the open interest was at 174270. Support for soyabean is at 2286 below that could see a test of 2280. Resistance is now seen at 2304 above that could see a resistance of 2316.

Trading Ideas:

Soyabean trading range is 2280-2316.

Soyabean ended firm tracking the firm international markets

Soyabean is taking resistance at 2305 and support is seen at 2287.

NCDEX accredited warehouses soyabean stocks seen at 10407 tonnes.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 2235Re 100 kgs.

BUY SOYABEAN JAN @ 2275 SL 2255 TGT 2300.NCDEX