Soybean erased early gains to end lower on weakness in overseas markets and a drop in oilmeal exports. Oilmeal exports are very weak compared to last year and it is unlikely to recover in the short-term. In Indore, a major spot market in top producer Madhya Pradesh, price rose by 2 rupees to 2,364 rupees.

Soyabean yesterday we have seen that market has moved -0.4%. Market has opened at 2409 & made a low of 2372.5 versus the day high of 2438. The total volume for the day was at 62910 lots and the open interest was at 135160. Support for soyabean is at 2360 below that could see a test of 2334. Resistance is now seen at 2426 above that could see a resistance of 2465.

Trading Ideas:

Soyabean trading range 2340-2430.

Soyabean erased early gains to end lower on weakness in overseas markets.

Now resist is at 2402 and taking support of 2360 level.

In Indore spot prices rose by 2 rupees to end at 2364 rupees per 100 kg.

SELL SOYABEAN JAN BELOW 2380 SL 2405 TGT 2368-2356-2342. NCDEX.