Soyabean yesterday we have seen that market has moved -0.42% as an estimated rise in the production capped the upside but thin soybean stocks and a likely delay in arrivals due to rainfall in growing areas limited the downside. Soybean stockpiles have depleted due to robust crushing to meet good export demand for soymeal. The industry has forecast higher output of local soybean crop, but fresh showers in Madhya Pradesh and Maharashtra may trim yields and delay arrivals as the crop is in the harvesting stage. India's vegetable oil imports in August fell 10.5 percent to 817,440 tonnes from the previous month, a leading trade body said on Sept. 15, the first monthly fall in five months as buying slowed with one major festival over. At the Indore spot market in top producer MP, soybean dropped -13 Rs to 2333Re 100 kgs. Market has opened at 2271 & made a low of 2261.5 versus the day high of 2282. The total volume for the day was at 22250 lots and the open interest was at 116090.Support for soyabean is at 2256 below that could see a test of 2249. Resistance is now seen at 2277 above that could see a resistance of 2290.

Trading Ideas:

Soyabean trading range is 2249-2290.

Soyabean market has moved -0.42% as an estimated rise in the production capped the upside

Soybean stockpiles have depleted due to robust crushing to meet good export demand for soymeal

Industry has forecast higher output of local soybean crop but fresh showers may trim yields and delay arrivals

At the Indore spot market in top producer MP, soybean dropped -13 Rs to 2333Re 100 kgs.