Soyabean yesterday we have seen that market has moved 0.75% due to active buying from oil millers. China's soybean imports in December augmented by 14% from the last year to 5.43 million metric tonnes. Argentina's drought-hit 2011 soybean crop could fall to or below 46 million tonnes from 54.5 million tonnes in 2010 unless much more rain falls. Soybean arrivals in the spot market were dropping amid strong demand. At the Indore spot market in top producer MP, soybean gained 13 Rs to 2447Re 100 kgs. Market has opened at 2524 & made a low of 2520 versus the day high of 2540. The total volume for the day was at 61570 lots and the open interest was at 181780.Support for soyabean is at 2524 below that could see a test of 2512. Resistance is now seen at 2544 above that could see a resistance of 2552.

Trading Ideas:

Soyabean trading range is 2512-2552.

Soybean gained due to active buying from oil millers

Soyabean is taking resistance at 2544 and support is seen at 2524.

China's soybean imports in December augmented by 14% from last year to 5.43 million metric tonnes.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 2447Re 100 kgs.

BUY SOYABEAN FEB @ 2510 SL 2490 TGT 2535-2556.NCDEDX