Soyabean yesterday we have seen that market has moved 1.44% as arrival decline to 1200 bags at Indore mandi from 1500 bags, low arrival boosted the prices and today help to cross the 2150 level. Yesterday market has opened at 2131 & made a low of 2131 versus the day high of 2160.5. The total volume for the day was at 88610 lots and the open interest was at 182500. Stock of soybean is 20136 metric tonnes at NCDEX accredited warehouses as on 2nd February. Overall outlook is bearish on poor export demand and higher than expected production globally, support for soyabean is at 2140 below that could see a test of 2121. Resistance is now seen at 2169 above that could see a resistance of 2180.

Trading Ideas:

Soyabean trading range is -1440-2881.

Soyabean ended higher as low arrivals and profit booking after last week’s sell off

Stock of soybean is 20136 metric tonnes at NCDEX accredited warehouses as on 2nd February

Soyabean today will face resistance at 2170 level where selling pressure will be seen for support 2120 level

Overall outlook is bearish on poor export demand and higher than expected production globally

SELL SOYABEAN FEB @ 2190 SL 2216 TGT 2170-2148-2126.NCDEX