Soyabean yesterday we have seen that market has moved 0.95% buoyed by an overnight rally in the U. S market. USDA cut its estimate of 2010 soybean production by 46 million bushels to 3.329 billion. The yield forecast was reduced by 0.4 bu/a to 43.5 bu/a. At the Indore spot market in top producer MP, soybean gained 28 Rs to 2346Re 100 kgs. Market has opened at 2420 & made a low of 2420 versus the day high of 2462. The total volume for the day was at 145340 lots and the open interest was at 229060. Support for soyabean is at 2415 below that could see a test of 2396. Resistance is now seen at 2457 above that could see a resistance of 2480.

Trading Ideas:

Soyabean trading range is 2397-2481.

Soyabean ended firm buoyed by an overnight rally in the U. S market

Soyabean is taking resistance at 2457 and support is seen at 2415.

NCDEX accredited warehouses soyabean stocks rose 19 tonnes to 11552 tonnes.

At the Indore spot market in top producer MP, soybean gained 28 Rs to 2346Re 100 kgs.

SOYABEAN MARKET JUMPED AND MARKET IS IN OVERBOT WILL WAIT.