Soybean dropped as demand remained sluggish from millers in physical market due to weak meal exports. Arrivals have risen in the spot market, but demand is still weak. Millers are not buying actively. Soyabean yesterday we have seen that market has moved -0.52%. Market has opened at 2398 & made a low of 2364 versus the day high of 2403. The total volume for the day was at 47230 lots and the open interest was at 121670.Support for soyabean is at 2364 below that could see a test of 2344. Resistance is now seen at 2403 above that could see a resistance of 2422.

Trading Ideas:

Soyabean trading range 2340-2430

Soybean dropped as demand remained sluggish from millers in physical market

Now soyabean will get resistance at 2403.

Soyabean is getting support at 2360 level if broken we can see prices till 2340 level.

In Indore spot prices fell by 18 rupees to end at 2330 rupees per 100 kg.

BUY SOYABEAN JAN @ 2365-2375 SL 2342 TGT 2399-2414-2426.NCDEX