Soyabean yesterday we have seen that market has moved 1.8% as good export demand for soymeal and firmness in overseas markets bolstered sentiment. USDA reported the soybean harvest progress at 83% complete, and this is up 16 points from last week. Progress compares to 66% for the ten-year average and only 29% last year. At the Indore spot market in top producer MP, soybean gained 1 Rs to 2152Re 100 kgs. Market has opened at 2200 & made a low of 2190 versus the day high of 2242. The total volume for the day was at 141660 lots and the open interest was at 129170. Support for soyabean is at 2205 below that could see a test of 2171. Resistance is now seen at 2257 above that could see a resistance of 2275.

Trading Ideas:

Soyabean trading range is 2171-2275.

Soyabean settled positive on good export demand for soymeal

Soyabean is taking resistance at 2257 and support is seen at 2205.

NCDEX accredited warehouses soyabean stocks rose 30 tonnes to 491 tonnes.

At the Indore spot market in top producer MP, soybean gained 9 Rs to 2160Re 100 kgs.