Soyabean weakened Saturday on weak spot market. Some part of sentiment is also weighed by lower meal exports. In Indore spot market in top producer Madhya Pradesh, soybean price eased by 8 rupees to 1,977 rupees. Soyabean yesterday we have seen that market has moved -1.5%. Market has opened at 2005 & made a low of 1971 versus the day high of 2005. The total volume for the day was at 43440 lots and the open interest was at 155700.Support for soyabean is at 1962 below that could see a test of 1949. Resistance is now seen at 1996 above that could see a resistance of 2017.

Trading Ideas:

Soyabean trading range is 1949-2017.

Soyabean weakened Saturday on weak spot market

Resistance for the soyabean is at 1996 and support is at 1962.

NCDEX accredited warehouses soyabean stocks rose by 172 tonnes to 6231 tonnes.

In Indore spot prices eased by 8 rupees to 1,977 rupees per 100 kg

SELL SOYABEAN MAY @ 1990 SL 2008 TGT 1978-1954.NCDEX