Soybean edged higher after hitting contract lows as thin arrivals in spot market outweighed a drop in meal exports and weakness in the U.S. market. USDA in its March supply/demand report lowered its estimate of U.S. 2009/10 soybean ending stocks to 190 million bushels from 210 million last month, coming in smaller than the average trade estimate of a fall to 194 million. Soyabean yesterday we have seen that market has moved 1.11%. Market has opened at 2087 & made a low of 2073.5 versus the day high of 2100. The total volume for the day was at 71020 lots and the open interest was at 118400.Support for soyabean is at 2082 below that could see a test of 2065. Resistance is now seen at 2109 above that could see a resistance of 2118.

Trading Ideas:

Soyabean trading range is 2065-2118.

Soybean edged higher as thin arrivals in spot market outweighed a drop in meal exports

Resistance for the soyabean oil is at 2109 and support is at 2082.

Yesterday we have seen that open interest rose by 3690 and volume rose by 18930 lots.

In Indore spot prices inched up by 2 rupees and settled at 2,062 rupees per 100 kg

SELL SOYABEAN MAR BELOW 2100 SL 2122 TGT 2088-2074-2060.NCDEX