Soybean erased early gains to end steady due to weak spot demand. At the Indore spot market in top producer Madhya Pradesh, soybean edged lower by 2 rupees to 1,959 rupees. Soyabean yesterday we have seen that market has moved 0.31%. Market has opened at 1965 & made a low of 1958 versus the day high of 1974. The total volume for the day was at 26590 lots and the open interest was at 134500.Support for soyabean is at 1959 below that could see a test of 1950. Resistance is now seen at 1975 above that could see a resistance of 1982.

Trading Ideas:

Soyabean trading range is 1950-1982.

Soybean erased early gains to end steady due to weak spot demand

Resistance for the soyabean is at 1982 and support is at 1950.

Yesterday we have seen that open interest rose by 1590 and volume fell by 20740

In Indore spot prices slipped 2 rupees at 1,959 rupees per 100 kg

SOYABEAN IS EXPECTED TO TRADE IN THE TIGHT RANGE 1950-1980.NCDEX