Soyabean yesterday we have seen that market has moved -0.52% as weakness prevailed due to lack of buying support. In physical markets too demand is lackluster amidst steady supply. The sentiments turned bearish on report that India is heading towards a very good crop harvest this year. There are also concerns with respect to the weather in the soybean growing areas. India's soybean output in 2011/12 is likely to rise 10.5 percent to 10.5 million tonnes as farmers plant a larger area with the crop and rains adequate. At the Indore spot market in top producer MP, soybean dropped -18 Rs to 2396Re 100 kgs. Market has opened at 2415 & made a low of 2387 versus the day high of 2422.5. The total volume for the day was at 63340 lots and the open interest was at 132990. Support for soyabean is at 2383 below that could see a test of 2367. Resistance is now seen at 2419 above that could see a resistance of 2438.

Trading Ideas:

Soyabean trading range is 2367-2438.

Soyabean moved -0.52% as weakness prevailed due to lack of buying support

India's soybean output in 2011/12 is likely to rise 10.5 percent to 10.5 million tonnes

Soyabean is taking resistance at 2419 and support is seen at 2383.

At the Indore spot market in top producer MP, soybean dropped -18 Rs to 2396Re 100 kgs.