Soyabean yesterday we have seen that market has moved -0.29% as bearish cues from overseas market are weighing on sentiment. China may increase soybean imports to 68 million tons by 2014, a 17.7 million-ton increase from last year that would exceed the purchases forecast by the USDA. China will import a record 57 million tons in the 12 months to October, more than twice the amount five years ago and 60 percent of the global total, the USDA estimates.  At the Indore spot market in top producer MP, soybean dropped -14 Rs to 2369Re 100 kgs. Market has opened at 2425 & made a low of 2418 versus the day high of 2445. The total volume for the day was at 85710 lots and the open interest was at 214520.Support for soyabean is at 2420 below that could see a test of 2405. Resistance is now seen at 2447 above that could see a resistance of 2459.

Trading Ideas:

Soyabean trading range is 2405-2459.

Soyabean ended down as bearish cues from overseas market are weighing on sentiment

Soyabean is taking resistance at 2447 and support is seen at 2420.

China may increase soybean imports to 68 million tons by 2014

At the Indore spot market in top producer MP, soybean dropped -14 Rs to 2369Re 100 kgs.