Soyabean yesterday we have seen that market has moved 1.34% on a sharp rise in oilmeal exports in January and firmness in the U.S. soy market. The total arrivals of 0.80 lakh bags at Madhya Pradesh and Maharashtra were reported at 0.90 lakh bags. Indonesia will likely face a shortage of soybeans this year, with domestic consumption currently standing at 1.5 million tons a year. At the Indore spot market in top producer MP, soybean gained 25 Rs to 2483Re 100 kgs. Market has opened at 2539 & made a low of 2539 versus the day high of 2571.5. The total volume for the day was at 73470 lots and the open interest was at 255060.Support for soyabean is at 2545 below that could see a test of 2526. Resistance is now seen at 2577 above that could see a resistance of 2591.

Trading Ideas:

Soyabean trading range is 2526-2591.

Soyabean ended higher on a sharp rise in oilmeal exports in January

Soyabean is taking resistance at 2577 and support is seen at 2545.

NCDEX accredited warehouses soyabean stocks stood at 270 tonnes.

At the Indore spot market in top producer MP, soybean gained 25 Rs to 2483Re 100 kgs.