Soyabean yesterday we have seen that market has moved -0.92% tracking weakness in overseas market on increased harvest expectations. The market has taken a dive since USDA unexpectedly raised its forecasts for output and inventories. Concerns about poor demand added pressure, as a sale of 106,000 tons to China failed to shake off worries. Industry has forecast higher output of local soybean crop, but fresh showers in Madhya Pradesh and Maharashtra may trim yields as the crop is in harvesting stage. 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 are adequate. At the Indore spot market in top producer MP, soybean dropped -19 Rs to 2359Re 100 kgs. Market has opened at 2290 & made a low of 2268 versus the day high of 2292. The total volume for the day was at 37950 lots and the open interest was at 111140. Support for soyabean is at 2264 below that could see a test of 2254. Resistance is now seen at 2288 above that could see a resistance of 2302.

Trading Ideas:

Soyabean trading range is 2254-2302.

Soybean ended weak tracking weakness in overseas market on increased harvest expectations

The market has taken a dive since USDA unexpectedly raised its forecasts for output

Industry forecast higher output of local soybean crop but fresh showers in MP and Maharashtra may trim yields

At the Indore spot market in top producer MP, soybean dropped -19 Rs to 2359Re 100 kgs.