Soyabean yesterday we have seen that market has dropped almost 2.08% soybean complex saw a lower close  as USDA is forecasting soybean plantings at 77.0 million acres, which would be off 1/2 million from 2009. That is basically at the lower end of views which for the most part are pointing higher. The large reductions are due to the expectation that the record crops in Brazil and Argentina will gain back market share for both beans and products. Overall, there were not any big shockers in the data, but on net, the outlook for less demand and higher stocks may have been somewhat negative for those not prepared for that update. Market has opened at 2131 & made a low of 2095 versus the day high of 2131. The total volume for the day was at 90480 lots and the open interest was at 198190.Support for soyabean is at 2083 below that could see a test of 2071. Resistance is now seen at 2119 above that could see a resistance of 2143.

Trading Ideas:

Soyabean trading range is 2067-2100.

Soyabean dropped as USDA is forecasting soybean plantings at 77.0 million acres.

Soyabean today will face resistance at 2132 level where selling pressure will be seen for support 2040 level

expectation that the record crops in Brazil and Argentina will gain back market share for both beans and products

Spot prices of soya bean traded in the range of around Rs 2080-2110 quintal

SELL SOYABEAN MAR @ 2115 SL 2140 TGT 2098-2076-2060.NCDEX