Soybean erased early gains to end lower on weak spot demand due to a drop in meal exports, though bargain buying driven by a firm U.S. market limited the downside. U.S. soybean futures bounced higher on Thursday after strong Chinese economic growth data rekindled hopes of continued strong imports by the world's most populous nation. Soyabean yesterday we have seen that market has moved -1.2%. Market has opened at 2206 & made a low of 2189 versus the day high of 2239. The total volume for the day was at 134840 lots and the open interest was at 289250.Support for soyabean is at 2173 below that could see a test of 2156. Resistance is now seen at 2223 above that could see a resistance of 2256.

Trading Ideas:

Soyabean trading range 2160-2230

Soybean erased early gains to end lower on weak spot demand due to a drop in meal exports

Resistance for the soyabean is at 2173 and support is at 2206 level

Demat stock of soybean at NCDEX-monitored warehouses rose by 220 tonnes to 22884 tonnes

In Indore spot prices dropped by 22 rupees by to 2151 rupees per 100 kg.

BUY SOYABEAN FEB ON DIP @ 2160-2165 SL 2142 TGT 2185-2199-2212.NCDEX