Soybean hit new contract highs early, but erased most of the gains by the end of session as weak global markets and profit-taking offset thin arrivals and good spot demand. Despite being the peak season, arrivals were not picking up due to unseasonal rains in central India and farmers are also not bringing their entire produce to the market anticipating a further rise in prices.

Soyabean yesterday we have seen that market has moved 0.31%. Market has opened at 2385 & made a low of 2372 versus the day high of 2412.5. The total volume for the day was at 121280 lots and the open interest was at 143860. Support for soyabean is at 2371 below that could see a test of 2351. Resistance is now seen at 2411 above that could see a resistance of 2432.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2340-2445

SOYABEAN ERASED MOST OF GAINS DUE TO WEAK GLOBAL MARKETS AND PROFIT-TAKING

BUY SOYABEAN DEC @ 2370-2385 SL 2345 TGT 2400-2416-2430.NCDEX

NOW RES IS AT 2411 ABV THIS LOOKS TILL 2432-2454 LEVEL.

SUPPORT FOR THE SOYABEAN IS AT 2371 BELOW THIS LOOKS TILL 2350-2335.

IN INDORE SPOT PRICES GAINED BY 9 RUPEES TO 2309 RUPEES PER 100 KG.

Commodity Analysis by Kedia Commodity, India’s Premium Research House, Mumbai. Check out more commodity reviews at KediaCommodity. com