Soyabean yesterday we have seen that market has moved 1.18% on some bargain buying at lower levels on the back of strong export demand of domestic soya meal coupled with strong crushing activity by soya oil millers. The total arrivals of soyabean were 1.25 lakh bags at Madhya Pradesh and Maharashtra reported at 0.50 lakh bags. As per latest release by Solvent Extractors' Association of India, the export data for export of soya meal for the month of September 2010 is reported to 2.90 lakh tons compared to 1.72 lakh tonnes in September 2009, up by 52%.At the Indore spot market in top producer MP, soybean gained 3 Rs to 1996Re 100 kgs. Market has opened at 1998 & made a low of 1997.5 versus the day high of 2029. The total volume for the day was at 54930 lots and the open interest was at 69340.Support for soyabean is at 2004 below that could see a test of 1985. Resistance is now seen at 2036 above that could see a resistance of 2048.

Trading Ideas:

Soyabean trading range is 1985-2048.

Soyabean settled higher on some bargain buying at lower levels on back of strong demand

Soyabean is taking resistance at 2036 and support is seen at 2004.

The total arrivals of soyabean were 1.25 lakh bags at Madhya Pradesh

At the Indore spot market in top producer MP, soybean gained 3 Rs to 1996Re 100 kgs.