Soyabean extended the previous session's losses tracking weakness in Malaysian palm and sluggish domestic demand on falling oilmeal exports. Indian soybean prices track Malaysian palm oil prices as palm is used as an substitute for soybean oil and their prices move in tandem. Soyabean yesterday we have seen that market has moved -2.33%. Market has opened at 2375 & made a low of 2318 versus the day high of 2378. The total volume for the day was at 88940 lots and the open interest was at 152190. Support for soyabean is at 2305 below that could see a test of 2281. Resistance is now seen at 2365 that could see a resistance of 2401.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2270-2370

SOYBEAN ENDED DOWN TRACKING WEAKNESS IN MALAYSIAN PALM AND SLUGGISH DOMESTIC DEMAND

NOW RES IS AT 2347 AND TAKING SUPPORT OF 2305 LEVEL.

IN INDORE SPOT PRICES FELL BY 26 RUPEES TO END AT 2311 RUPEES PER 100 KG.

SELL SOYABEAN JAN BELOW 2325 2340 TGT 2308-2290-2276. NCDEX