Soybean ended steady as a slight improvement in spot demand outweighed a fall in meal exports. Weak overseas demand for Indian meal is not allowing soybean prices to rise significantly. In Indore spot market in top producer Madhya Pradesh, soybean price rose by 13 rupees to 2,017 rupees. Soyabean yesterday we have seen that market has moved 0.2%. Market has opened at 2055 & made a low of 2048 versus the day high of 2061.5. The total volume for the day was at 20930 lots and the open interest was at 86300.Support for soyabean is at 2048 below that could see a test of 2041. Resistance is now seen at 2061 above that could see a resistance of 2068.

Trading Ideas:

Soyabean trading range is 2041-2068.

Soybean ended steady due to slight improvement in spot demand

Weak overseas demand for Indian meal is not allowing soybean prices to rise

Resistance for the soyabean is at 2061 and support is at 2048.

In Indore spot prices gained by 13 rupees lower to 2,017 rupees per 100 kg

SELL SOYABEAN @ 2055-2065 SL ABV 2084 TGT 2038-2016-2002.NCDEX