Soyabean yesterday we have seen that market has moved -1.33% in the wake of poor offtake of soyameal exporters due to sluggish demand from Japan. The natural adversity in Japan is likely to reduce the export demand of Indian soya meal in the coming days. India exported almost 10.95 lakh tonnes (around 31% of the total exports) of soya meal to Japan during the April to February 2010-11. At the Indore spot market in top producer MP, soybean dropped -16 Rs to 2309Re 100 kgs. Market has opened at 2355 & made a low of 2328 versus the day high of 2359. The total volume for the day was at 64490 lots and the open interest was at 170210. Support for soyabean is at 2320 below that could see a test of 2309. Resistance is now seen at 2351 above that could see a resistance of 2371.

Trading Ideas:

Soyabean trading range is 2309-2371.

Soyabean ended down in the wake of poor offtake of soyameal exporters

Soyabean is taking resistance at 2351 and support is seen at 2320.

India exported almost 10.95 lakh tonnes of soya meal to Japan during the April to February 2010-11.

At the Indore spot market in top producer MP, soybean dropped -16 Rs to 2309Re 100 kgs.