Soyabean yesterday we have seen that market has moved 1% tracking gains overseas and on good demand in local spot markets. Chinese demand in the world soybean market has slowed amid negative Chinese soy crush margins and with weak cash basis levels in South America added weakness. At the Indore spot market in top producer MP, soybean gained 14 Rs to 2380Re 100 kgs. Market has opened at 2391 & made a low of 2391 versus the day high of 2416. The total volume for the day was at 39470 lots and the open interest was at 92610.Support for soyabean is at 2397 below that could see a test of 2382. Resistance is now seen at 2422 above that could see a resistance of 2432.

Trading Ideas:

Soyabean trading range is 2381-2431.

Soyabean gained tracking gains overseas and on good demand in local spot markets

Soyabean is taking resistance at 2422 and support is seen at 2397.

Chinese demand in the world soybean market has slowed

At the Indore spot market in top producer MP, soybean gained 14 Rs to 2380Re 100 kgs.