Soyabean yesterday we have seen that market has moved 0.25% firming trend in overseas market and pick up in local demand. Argentina’s soybean crop, the world’s largest producer, may be 4% higher than last week’s forecast at 48.8 million tonnes. Daily arrivals of soybean in Madhya Pradesh were at 40,000 bags and around 2500 bags in Indore Mandi. At the Indore spot market in top producer MP, soybean gained 10 Rs to 2407Re 100 kgs. Market has opened at 2414 & made a low of 2404 versus the day high of 2424. The total volume for the day was at 33140 lots and the open interest was at 140300.Support for soyabean is at 2404 below that could see a test of 2394. Resistance is now seen at 2424 above that could see a resistance of 2434.

Trading Ideas:

Soyabean trading range is 2394-2434.

Soyabean gained firming trend in overseas market and pick up in local demand

Soyabean is taking resistance at 2432 and support is seen at 2390

NCDEX accredited warehouses soyabean stocks remained unchanged at 2202 tonnes.

At the Indore spot market in top producer MP, soybean gained 10 Rs to 2407Re 100 kgs.