Soyabean yesterday we have seen that market has moved -0.29% on weak soymeal demand and fall in overseas market. 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 dropped -26 Rs to 2179Re 100 kgs. Market has opened at 2231 & made a low of 2205.5 versus the day high of 2237. The total volume for the day was at 61280 lots and the open interest was at 162350.Support for soyabean is at 2209 below that could see a test of 2191. Resistance is now seen at 2240 above that could see a resistance of 2254.

Trading Ideas:

Soyabean trading range is 2191-2254.

Soyabean ended down on weak soymeal demand

Soyabean is taking resistance at 2240 and support is seen at 2209.

NCDEX accredited warehouses soyabean stocks rose 1006 tonnes to 5503 tonnes.

At the Indore spot market in top producer MP, soybean dropped -26 Rs to 2179Re 100 kgs.