Soybean edged higher on an increase in physical demand, lower output and firm Malaysian palm. Oil mills are reluctantly buying to run operations. Still, there is no parity between soybean and soymeal prices. Indian millers say prices make processing soybean economically unviable, since oil and meal do not command good prices.

In Indore spot price rose by one percent to 2,362 rupees per 100 kg. Soyabean yesterday we have seen that market has moved 0.31%. Market has opened at 2405 & made a low of 2394 versus the day high of 2416. The total volume for the day was at 54850 lots and the open interest was at 135910. Support for soyabean is at 2390 below that could see a test of 2381. Resistance is now seen at 2412 above that could see a resistance of 2425.

Trading Ideas:

SOYABEAN TRADING RANGE 2360-2450

SOYBEAN EDGED HIGHER ON AN INCREASE IN PHYSICAL DEMAND

NOW RES IS AT 2412 AND TAKING SUPPORT OF 2386 LEVEL.

IN INDORE SPOT PRICES ROSE BY 25 RUPEES TO END AT 2362 RUPEES PER 100 KG.

BUY SOYABEAN JAN @ 2370-2380 SL 2352 TGT 2392-2416-2434.NCDEX