Soyabean yesterday we have seen that market has moved -0.24% due to profit booking. A huge purchase of U. S. soybeans by China, along with worries about the South America crop, limited downside. According to Celeres, a Brazilian Agri Consultant, farmers have planted 75% of the intended area with soybeans as on 19th November 2010. At the Indore spot market in top producer MP, soybean gained 7 Rs to 2227Re 100 kgs. Market has opened at
2283 & made a low of 2265.5 versus the day high of 2289. The total volume for the day was at 76330 lots and the open interest was at 168740. Support for soyabean is at 2259 below that could see a test of 2251. Resistance is now seen at 2283 above that could see a resistance of 2298.

Trading Ideas:

Soyabean trading range is 2251-2298.

Soyabean ended down due to profit booking

Soyabean is taking resistance at 2283 and support is seen at 2259.

Spread between Soyabean DEC & JAN contracts yesterday traded in the range of 49 to 52.5.

At the Indore spot market in top producer MP, soybean gained 7 Rs to 2227Re 100 kgs.