Soybean extended the previous session's gains tracking a firm U.S. market and on hopes of an improvement in soymeal exports in coming weeks. In the Indore spot market in top producer Madhya Pradesh, soybean price rose by 14 rupees to 2,000 rupees. Soyabean yesterday we have seen that market has moved 1.05%. Market has opened at 2016 & made a low of 2010 versus the day high of 2040. The total volume for the day was at 57190 lots and the open interest was at 150790.Support for soyabean is at 2013 below that could see a test of 1997. Resistance is now seen at 2043 above that could see a resistance of 2057.

Trading Ideas:

Soyabean trading range is 1997-2057.

Soybean extended gains tracking a firm U.S. market

hopes of an improvement in soymeal exports in coming weeks also supported prices

Resistance for the soyabean is at 2043 and support is at 2013.

In Indore spot prices gained 14 rupees at 2000 rupees per 100 kg

SELL SOYABEAN MAY BELOW 2020 SL 2048 TGT 2005-1986.NCDEX