Soybean ended lower tracking weakness in the U.S. market and on subdued demand in domestic market due to a fall in meal exports. U.S. soybean and grain prices eased on Thursday as a bout of short-covering came to an end and the dollar firmed making exports costlier in many cases. In Indore spot market in Madhya Pradesh, the biggest producer, price fell by 21 rupees to 2,086 rupees per 100 kg. Soyabean yesterday we have seen that market has moved -0.81%. Market has opened at 2090 & made a low of 2062 versus the day high of 2095. The total volume for the day was at 77290 lots and the open interest was at 174120.Support for soyabean is at 2056 below that could see a test of 2043. Resistance is now seen at 2089 above that could see a resistance of 2109.

Trading Ideas:

Soyabean trading range is 2043-2109.

Soybean ended lower tracking weakness in the U.S. market and on subdued demand

Resistance for the soyabean is at 2089 and support is at 2056 level

In Indore spot prices fell by 21 rupees to 2,086 rupees per 100 kg

NCDEX accredited warehouses soyabean stocks seen at 169 tonnes as on Feb 24.

SELL SOYABEAN MAR @ 2090 SL 2118 TGT 2072-2056-2038.NCDEX