Soyabean yesterday we have seen that market has moved -0.63% ahead of arrival of monsoon rains next month. USDA revised upward its 2010/11 ending stocks forecast to 170 million from 140 million. This is the first time since 1998 that USDA has increased its forecast in May. At the Indore spot market in top producer MP, soybean gained 9 Rs to 2329Re 100 kgs. Market has opened at 2362.5 & made a low of 2345 versus the day high of 2383. The total volume for the day was at 53510 lots and the open interest was at 158380.Support for soyabean is at 2340 below that could see a test of 2323. Resistance is now seen at 2378 above that could see a resistance of 2399.

Trading Ideas:

Soyabean trading range is 2323-2399.

Soyabean ended weak ahead of arrival of monsoon rains next month

Soyabean is taking resistance at 2378 and support is seen at 2340.

Brazil soybean crop is projected at 72.5MT, down 0.5 million from the projected record 2010/11 crop

At the Indore spot market in top producer MP, soybean gained 9 Rs to 2329Re 100 kgs.