Soyabean dropped as a fall in overseas markets and weak spot demand prompted profit-taking. U.S. soybean futures eased on Wednesday on a stronger dollar and large global supplies, but prices remained in a narrow range as traders weighed improving weather conditions in the U.S. Midwest grain belt against export obstacles in South America. In Indore spot market in top producer Madhya Pradesh, soybean price eased by 7 rupees to 2,025 rupees. Soyabean yesterday we have seen that market has moved -2.16%. Market has opened at 2052 & made a low of 2011 versus the day high of 2052.5. The total volume for the day was at 59960 lots and the open interest was at 120570.Support for soyabean is at 1997 below that could see a test of 1983. Resistance is now seen at 2039 above that could see a resistance of 2066.

Trading Ideas:

Soyabean trading range is 1985-2068.

Soyabean ended down on profit booking prompted by fall in overseas market

Resistance for the soyabean is at 2039 and support is at 1997.

NCDEX accredited warehouses soyabean stocks inched up by a tonne to 6113 tonnes.

In Indore spot prices eased by 7 rupees to 2,025 rupees per 100 kg

SELL SOYABEAN APR @ 2030-2035 SL 2052 TGT 2018-1998.NCDEX