Soyabean yesterday we have seen that market has moved 0.83% bolstered by good spot demand and a rally in the U.S. soy market. Argentina's 2011 soy crop could fall as low as 43 million to 48 million tonnes, down from 54.4 million tonnes in 2010, due to dry weather. The total arrivals of 2 lakh bags at Madhya Pradesh and Maharashtra reported at 1 lakh bags. At the Indore spot market in top producer MP, soybean gained 14 Rs to 2249Re 100 kgs. Market has opened at 2302.5 & made a low of 2302.5 versus the day high of 2319. The total volume for the day was at 81330 lots and the open interest was at 162450.Support for soyabean is at 2304 below that could see a test of 2295. Resistance is now seen at 2321 above that could see a resistance of 2328.

Trading Ideas:

Soyabean trading range is 2295-2328.

Soyabean ended higher bolstered by good spot demand

Soyabean is taking resistance at 2321 and support is seen at 2304.

NCDEX accredited warehouses soyabean stocks rose 30 tonnes to 10437 tonnes.

At the Indore spot market in top producer MP, soybean gained 14 Rs to 2249Re 100 kgs.