Soyabean yesterday we have seen that market has moved -0.51% as fall in demand in the spot market mainly led to a fall in soyabean prices. Traders and farmers expect 10-15% rise in soybean yield this year on favourable weather and said the output may surpass last year's 8.5 mln tn despite a 4% decline in sowing area this kharif. At the Indore spot market in top producer MP, soybean dropped Rs -4 to 2030 re 100 kgs. Market has opened at 2068 & made a low of 2047 versus the day high of 2073. The total volume for the day was at 42390 lots and the open interest was at 70960.Support for soyabean is at 2042 below that could see a test of 2031. Resistance is now seen at 2068 above that could see a resistance of 2083.

Trading Ideas:

Soyabean trading range is 2031-2083.

Soyabean settled weak due to fall in demand in the spot market

Resistance for the soyabean is at 2068 and support is at 2042.

NCDEX accredited warehouses soyabean stocks fell 618 tonnes to 2750 tonnes.

At the Indore spot market in top producer MP, soybean dropped -4 rs to 2030 re 100 kgs.