Soybean extended the previous session's gains, buoyed by thin arrivals in the physical market and a likely drop in the output. Domestic production is less. Improvement in soyoil price is supporting the upside, but still demand is weak for soymeal. Despite being the peak arrival season, arrivals were not picking up due to unseasonal rains in central India. Soyabean yesterday we have seen that market has moved 1.39%. Market has opened at 2307 & made a low of 2307 versus the day high of 2336. The total volume for the day was at 109490 lots and the open interest was at 148650. Support for soyabean is at 2315 below that could see a test of 2296. Resistance is now seen at 2344 above that could see a resistance of 2354.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2280-2380

SOYBEAN ENDED HIGHER DUE TO LIKELY DROP IN OUTPUT

SELL SOYABEAN DEC BELOW 2325 SL 2345 TGT 2302-2285-2270. NCDEX (SHORT TERM)

NOW RES IS AT 2344 BUT SOME PULL BACK IS EXPECTED IN THE MARKET

A BREAK BELOW 2315 WILL FIND THE SUPPORT AT 2296-2280 LEVEL.

IN INDORE SPOT PRICES GAINED BY 18 RUPEES TO 2271 RUPEES PER 100 KG.

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