Soybean fell for the sixth straight session touching their lowest level in nearly eight weeks, tailing weak global markets and on sluggish domestic demand. Demand is not picking up from oil mills because of negative crushing margin. Millers say prices make processing soybean economically unviable, since oil and meal do not command good prices.

Soyabean yesterday we have seen that market has moved -0.15%. Market has opened at 2315 & made a low of 2294 versus the day high of 2336. The total volume for the day was at 73110 lots and the open interest was at 149090. Support for soyabean is at 2301 below that could see a test of 2276. Resistance is now seen at 2343 above that could see a resistance of 2360.

Trading Ideas:

SOYABEAN TRADING RANGE IS 2270-2370

SOYBEAN FELL YESTERDAY TOUCHING THEIR LOWEST LEVEL IN EIGHT WEEKS ON WEAK GLOBAL MARKETS

NOW RES IS AT 2343 AND TAKING SUPPORT OF 2301 LEVEL.

IN INDORE SPOT PRICES FELL BY 46 RUPEES TO END AT 2265 RUPEES PER 100 KG.

SELL SOYABEAN JAN @ 2340 SL 2368 TGT 2322-2300-2282.NCDEX