Soyabean yesterday we have seen that market has moved -0.32% due to profit-taking driven by a drop in the U.S. soy market despite the demand remains steady and the fundamentals look good. Arrivals in the spot market are decreasing. At the Indore spot market in top producer MP, soybean dropped -7 Rs to 2495Re 100 kgs. Market has opened at 2536 & made a low of 2515 versus the day high of 2541. The total volume for the day was at 51490 lots and the open interest was at 135700.Support for soyabean is at 2514 below that could see a test of 2502. Resistance is now seen at 2540 above that could see a resistance of 2554.

Trading Ideas:

Soyabean trading range is 2502-2554.

Soyabean dropped yesterday due to profit-taking

Soyabean is taking resistance at 2540 and support is seen at 2514.

Arrivals in the spot market are decreasing.

At the Indore spot market in top producer MP, soybean dropped -7 Rs to 2495Re 100 kgs.