Soybean as per expectation ended down as weak soymeal export demand and high edible oil stocks are weighing on prices. Farmers are holding stocks anticipating price rise. At the Indore spot market, soybean fell 25 rupees at 1,960 rupees. Soyabean yesterday we have seen that market has moved -1.66%. Market has opened at 1980 & made a low of 1950.5 versus the day high of 1986. The total volume for the day was at 47880 lots and the open interest was at 118540.Support for soyabean is at 1942 below that could see a test of 1928. Resistance is now seen at 1977 above that could see a resistance of 1999.

Trading Ideas:

Soyabean trading range is 1928-1999.

Soybean ended down due to weak soymeal export demand and high edible oil stocks

Resistance for the soyabean is at 1977 and support is at 1942.

NCDEX accredited warehouses chana stocks fell by 2292 tonnes to 39328 tonnes.

In Indore spot prices fell 25 rupees at 1,960 rupees per 100 kg

BUY SOYABEAN JUNE ABV 1960 SL 1948 TGT 1974-1990.NCDEX