Soyabean yesterday we have seen that market has moved -2.94% on forecast of rains in key soybean growing states and weakness in the overseas markets. Rainfall in soybean-growing central India has changed sentiment. In the Indore spot market, soybean fell by 49 rupees to 1,990 rupees per 100 kg. Market has opened at 2074.5 & made a low of 1995.5 versus the day high of 2074.5. The total volume for the day was at 107000 lots and the open interest was at 80960.Support for soyabean is at 1980 below that could see a test of 1948. Resistance is now seen at 2059 above that could see a resistance of 2106.

Trading Ideas:

Soyabean trading range is 1948-2106.

Soyabean ended weak on forecast of rains in key soybean growing states

Resistance for the soyabean is at 2038 and support is at 1980.

Spread between Soyabean AUG & SEP contracts yesterday traded in the range of 10.5 to 13.

In Indore spot prices dropped by 49 rupees and settled at 1990 rupees per 100 kg