Soyabean yesterday we have seen that market has moved 1.79% as traders covered their short positions triggered by strong overseas markets. Gaining pace of soybean harvesting, however, limited the upside. The total arrivals of soyabean were 2.60 lakh bags at Madhya Pradesh and Maharashtra reported at 0.48 lakh bags. At the Indore spot market in top producer MP, soybean gained 41 Rs to 1945Re 100 kgs. Market has opened at 1953.5 & made a low of 1953.5 versus the day high of 1988. The total volume for the day was at 46510 lots and the open interest was at 89490. Support for soyabean is at 1964 below that could see a test of 1942. Resistance is now seen at
1999 above that could see a resistance of 2011.

Trading Ideas:

Soyabean trading range is 1941-2010.

Soyabean settled higher on short covering triggered by strong overseas markets

Soyabean is taking resistance at 1999 and support is seen at 1964.

NCDEX accredited warehouses soyabean stocks fell 60 tonnes to 1726 tonnes.