Soyabean yesterday we have seen that market has moved -0.78% rising arrival to the spot market is leading to supply pressure, hence, putting pressure on the market. Demand in the spot markets remained weak on narrow crushing margins, which were squeezed by lower oilmeal and oil prices. At the Indore spot market in top producer Madhya Pradesh, soybean fell 17 rupees to 1,887 rupees 100 kgs. Market has opened at 1909 & made a low of 1892.5 versus the day high of 1910. The total volume for the day was at 66470 lots and the open interest was at 125740.Support for soyabean is at 1891 below that could see a test of 1883. Resistance is now seen at 1909 above that could see a resistance of 1918.

Trading Ideas:

Soyabean trading range is 1883-1918.

Soyabean moved down on rising arrivals and weak demand in spot

Resistance for the soyabean is at 1909 and support is at 1891.

Yesterday we have seen that open interest fell by 10700 and volume rose by 37770

In Indore spot prices fell 17 rupees to end at 1,887 rupees per 100 kg

BUY SOYABEAN JULY ABV 1905 SL 1890 TGT 1922-1938.NCDEX