Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean yesterday we have seen that market has moved 0.08% showing good bounce back after declining for last one week. Markets gave a knee-jerk reaction to the rating downgrade of US and the export demand got impacted. However, now on current levels some pull back in prices is being seen due to short covering. China's July soybean imports swelled by 8% from the last year in the same period. While the total exports were up 24% from June to 5.35 million metric tonnes. At the Indore spot market in top producer MP, soybean gained 13 Rs to 2385Re 100 kgs. Market has opened at 2425 & made a low of 2405 versus the day high of 2436. The total volume for the day was at 45240 lots and the open interest was at 128630.Support for soyabean is at 2399 below that could see a test of 2387. Resistance is now seen at 2430 above that could see a resistance of 2449.

Trading Ideas:

Soyabean trading range is 2387-2449.

Soyabean moved 0.08% showing good bounce back after declining for last one week

China July soybeans imports jump 24 pct vs June

Soyabean is taking resistance at 2430 and support is seen at 2399.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 2385Re 100 kgs.