Soyabean yesterday we have seen that market has moved 1.48% on bargain buying, prompted by a rise in the U. S. soy market and as arrivals in local spot markets declined. For soybeans, the USDA projects production at 3.345 billion bushels and ending inventories will rise to 160 million bushels. Soy exports are forecast at 1.575 billion bushels. At the Indore spot market in top producer MP, soybean gained 43 Rs to
2422Re 100 kgs. Market has opened at 2419 & made a low of 2419 versus the day high of 2450. The total volume for the day was at 41590 lots and the open interest was at 152080. Support for soyabean is at 2423 below that could see a test of 2405. Resistance is now seen at 2454 above that could see a resistance of 2467.

Trading Ideas:

Soyabean trading range is 2406-2468.

Soyabean gained on bargain buyingas arrivals in local spot markets declined.

Soyabean is taking resistance at 2458 and support is seen at 2422

USDA projects production at 3.345 billion bushels and ending inventories will rise to 160 million bushels.

At the Indore spot market in top producer MP, soybean gained 43 Rs to 2422Re 100 kgs.