Soybean rose on bargain hunting prompted by slight improvement in spot demand and firmness in other agriculture commodities. Lower level buying is pushing up prices, but fundamentals are still weak. Meal exports are not improving and market is anticipating higher production in Brazil and Argentina. At Indore spot market soybean prices edged higher by 20 rupees to 2,062 rupees per 100 kg. Soyabean yesterday we have seen that market has moved 0.58%. Market has opened at 2074 & made a low of 2060 versus the day high of 2100.5. The total volume for the day was at 82870 lots and the open interest was at 219030.Support for soyabean is at 2064 below that could see a test of 2042. Resistance is now seen at 2104 above that could see a resistance of 2123.

Trading Ideas:

Soyabean trading range 2040-2125

Soybean rose tracking improvement in spot demand

Resistance for the soyabean is at 2104 and support is at 2064 level

In Indore spot prices of soyabean gained by 20 rupees to 2,062 rupees per 100 kg

Yesterday we have seen that open interest has fell by 15270 lots.

SELL SOYABEAN FEB ON JUMP @ 2115 SL 2134 TGT 2086-2068-2056.NCDEX