Soyabean yesterday we have seen that market has moved -0.29% as profit-booking is emerging at higher levels. In the domestic spot market, demand is very good from oil millers. China, the largest wheat consumer, says the drought in the country's main growing region may be prolonged, as prices surge to a record. Brazil soybean production is forecast at a record 68.5 million tons, up 1.0 million tons from last month as timely rains in the southern producing area have raised yield prospects. Paraguay soybean production is also projected higher this month. At the Indore spot market in top producer MP, soybean dropped -4 Rs to 2479Re 100 kgs. Market has opened at 2570 & made a low of 2554 versus the day high of 2580. The total volume for the day was at 66400 lots and the open interest was at 253060.Support for soyabean is at 2548 below that could see a test of 2538. Resistance is now seen at 2574 above that could see a resistance of 2590.

Trading Ideas:

Soyabean trading range is 2539-2591.

Soyabean ended down as profit-booking is emerging at higher levels

Soyabean is taking resistance at 2574 and support is seen at 2548.

China says the drought in main growing region may be prolonged, as prices surge to a record.

At the Indore spot market in top producer MP, soybean dropped -4 Rs to 2479Re 100 kgs.