Soyabean yesterday we have seen that market has moved -1.38 on higher arrivals, weakness in the U.S. market and expectations of a bumper crop of summer-sown oilseeds. Soybean farmers in Madhya Pradesh and Maharashtra have been bringing stocks from last year's crop ahead of arrivals from the current season's crop that will hit the market from October onwards. At the Indore spot market in Madhya Pradesh, soybean dropped -23 rupee to 2005 rupee 100 kgs. Market has opened at 2051 & made a low of 2027 versus the day high of 2051. The total volume for the day was at 41670 lots and the open interest was at 112700.Support for soyabean is at 2021 below that could see a test of 2012. Resistance is now seen at 2045 above that could see a resistance of 2060.

Trading Ideas:

Soyabean trading range is 2013-2061.

Soyabean settled lower on higher arrivals and weak overseas market

Resistance for the soyabean is at 2045 and support is at 2012.

Spread between Soyabean SEP & OCT contracts yesterday traded in the range of -3.5 to 0.5.

At the Indore spot market in top producer Madhya Pradesh, soybean dropped -23 rupee to 2005 rupee 100 kgs.