Soyabean yesterday we have seen that market has moved -2.12% amid concerns China would step up its monetary tightening policy, reducing demand for commodities.  China is the world’s largest buyer of soybeans and is expected to account for approximately 60% of global trade of the grain in 2011, according to the U.S. Department of Agriculture.Chinese firms agreed last week to buy 11.5 million tonnes of U.S. soybeans over the next year or so. The total arrivals of soyabean were 1.50-1.55 lakh bags at Madhya Pradesh and Maharashtra were reported at 1 lakh bags.  At the Indore spot market in top producer MP, soybean dropped -27 Rs to 2440Re 100 kgs. Market has opened at 2502 & made a low of 2440 versus the day high of 2520. The total volume for the day was at 102260 lots and the open interest was at 162630.Support for soyabean is at 2420 below that could see a test of 2390. Resistance is now seen at 2500 above that could see a resistance of 2550.

Trading Ideas:

Soyabean trading range is 2390-2550.

Soyabean ended weak amid concerns China would step up its monetary tightening policy reducing demand

Soyabean is taking resistance at 2500 and support is seen at 2420.

NCDEX accredited warehouses soyabean stocks fell by 182 tonnes to 7443 tonnes.

At the Indore spot market in top producer MP, soybean dropped -27 Rs to 2440Re 100 kgs.

SOYABEAN LOOK TO HOLD IMP SUPPORT AT 2438 LEVEL WILL WAIT FOR FRESH ENTRY