Soyabean yesterday we have seen that market has moved 4.01% on 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. USDA mentioned in its latest October monthly crop report that India's 2010/11 soybean production is forecast at 9.2 million tons, up 0.4 million or revises up 5 percent from last month. At the Indore spot market in top producer MP, soybean gained 79 Rs to 2080 Rs 100 kgs. Market has opened at 2057.5 & made a low of 2057.5 versus the day high of 2125.5. The total volume for the day was at 46580 lots and the open interest was at 121080.Support for soyabean is at 2080 below that could see a test of 2035. Resistance is now seen at 2148 above that could see a resistance of 2171.

Trading Ideas:

Soyabean trading range is 2035-2171.

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

Soyabean is taking resistance at 2148 and support is seen at 2080.

India's 2010/11 soybean production is forecast at 9.2 million tons - USDA

At the Indore spot market in top producer MP, soybean gained 79 Rs to 2080Re 100 kgs.