Soyabean yesterday we have seen that market has moved -0.36% as hopes of soybean arrivals after rains stopped over growing areas, allowing farmers to hasten harvesting. Rising exports of soymeal and an improvement in edible oil demand ahead of Diwali festival are seen limiting the downside. The total arrivals of soyabean were 4.65 -5 lakh bags at Madhya Pradesh and Maharashtra reported at 2 lakh bags. At the Indore spot market in top producer MP, soybean dropped -7 Rs to 2155Re 100 kgs. Market has opened at 2211 & made a low of 2202 versus the day high of 2224. The total volume for the day was at 37710 lots and the open interest was at 104200. Support for soyabean is at 2199 below that could see a test of 2190. Resistance is now seen at 2221 above that could see a resistance of 2234.

Trading Ideas:

Soyabean trading range is 2190-2234.

Soyabean settled weak as hopes of soybean arrivals after rains stopped over growing areas

Soyabean is taking resistance at 2221 and support is seen at 2199.

NCDEX accredited warehouses soyabean stocks rose 471 tonnes to 1786 tonnes.

At the Indore spot market in top producer MP, soybean dropped -7 Rs to 2155Re 100 kgs.