Soybean yesterday traded with the negative node and settled -1.39% down at 2092 from last two session prices of soybean have seen correction mainly due to profit booking. Monsoon rains so far have been good enough so far as soybean crop is concerned; Weather in the major soybean growing areas of the US is also comfortable.

Fresh crop arrival will start by late September in India and US, World soybean season end stocks for 2010-11 are expected to remain at 647.3 lakh tons vs July report estimates of 677.6 Lakh tons. Production at Brazil, Argentina and China is expected to remain at 650, 500 and 146 lakh ton respectively during 2010-11. In yesterday's trading session Soybean has touched the low of 2076 after opening at 2113.5, and finally settled at 2092. For today's session market is looking to take support at 2074, a break below could see a test of 2056 and whereas resistance is now likely to be seen at 2111, a move above could see prices testing 2131.

Trading Ideas:

Soyabean trading range is 2066-2141.

Soybean ended weak on profit-taking after gaining in August  

Resistance for the soybean is at 2111 and support is at 2074.

NCDEX accredited warehouses soybean stocks rose 153 tonnes to 1072 tonnes.

In Indore spot prices fell 15rupees and settled at 2070 rupees per 100 kg

SELL SOYABEAN SEPT @ 2100-2110 SL 2126 TGT 2086-2065.NCDEX