Soyabean yesterday we have seen that market has moved -0.58% on progress of monsoon in key soybean growing areas that may accelerate sowing. Central Madhya Pradesh and western Maharashtra are two biggest soybean producing states in the country. In the Indore spot market, soybean edged down by 9 rupees to 1,882 rupees per 100 kg. Market has opened at 1915 & made a low of 1890.5 versus the day high of 1915. The total volume for the day was at 46900 lots and the open interest was at 144360.Support for soyabean is at 1886 below that could see a test of 1876. Resistance is now seen at 1911 above that could see a resistance of 1925.

Trading Ideas:

Soyabean trading range is 1884-1916.

Soyabean ended down as expected on progress of monsoon

Resistance for the soyabean is at 1911 and support is at 1886.

NCDEX accredited warehouses soybean stocks inched down by a tonne to 3675 tonnes.

In Indore spot prices fell 9 rupees to end at 1,882 rupees per 100 kg

SELL SOYABEAN @ 1900-1905 SL 1922 TGT 1883-1865.NCDEX