Soyabean closed the session with losses weighed by weak demand and lower meal export. Traders and stockists were buying a little since the last couple of days, anticipating prices to correct to large extent. Higher prices of soy meal has resulted poor export from Indian offshore as Asian buyers are diverting towards cheaper deals available in United Sates and South American regions. Soyabean yesterday we have seen that market has moved -1.21%.

Market has opened at 2421 & made a low of 2397 versus the day high of 2423. The total volume for the day was at 40330 lots and the open interest was at 157760. Support for soyabean is at 2394 below that could see a test of 2382.5. Resistance is now seen at 2420 above that could see a resistance of 2434.5.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2350-2460

SOYBEAN CLOSED WITH LOSSES WEIGHED BY WEAK DEMAND

NOW RES IS AT 2420 AND TAKING SUPPORT OF 2392 LEVEL.

IN INDORE SPOT PRICES FELL BY 8 RUPEES TO END AT 2357 RUPEES PER 100 KG.

SELL SOYABEAN JAN BELOW 2400 SL 2418 TGT 2388-2372-2360. NCDEX