Soyabean yesterday we have seen that market has moved -0.48% as drop in soymeal export demand. U.S. exporters sold 396,332 metric tons of soybeans from the prior and next harvests in the week to Feb. 10, a 59 percent plunge from a week earlier, the U.S. Department of Agriculture said. It also said China, the biggest buyer, canceled a 120,000-ton purchase from the U.S. That would have been for delivery in the marketing year to Aug. 31. At the Indore spot market in top producer MP, soybean dropped -15 Rs to 2408Re 100 kgs. Market has opened at 2460 & made a low of 2443 versus the day high of 2466. The total volume for the day was at 44250 lots and the open interest was at 198660.Support for soyabean is at 2449 below that could see a test of 2435. Resistance is now seen at 2472 above that could see a resistance of 2481.

Trading Ideas:

Soyabean trading range is 2433-2479.

Soyabean ended weak as drop in soymeal export demand weighed.

Soyabean is taking resistance at 2478 and support is seen at 2426

NCDEX accredited warehouses soyabean stocks rose 735 tonnes to 1661 tonnes.

At the Indore spot market in top producer MP, soybean dropped -15 Rs to 2408Re 100 kgs.

SELL SOYABEAN MAR @ 2450-2460 SL 2490 TGT 2422-2390-2375.NCDEX