Soyabean yesterday we have seen that market has moved 0.11% on some short covering after previous sessions decline, the trade for the commodity in last two-three days has been volatile and some weakness was seen in the market due to fresh selling pressure on current levels. The total arrivals of 3.25 lakh bags were reported at Madhya Pradesh and Maharashtra reported arrivals of 1.50 lakh bags. At the Indore spot market in top producer MP, soybean gained 8 Rs to 2196Re 100 kgs. Market has opened at 2240 & made a low of 2225.5 versus the day high of 2246.5. The total volume for the day was at 34590 lots and the open interest was at 116210.Support for soyabean is at 2224 below that could see a test of 2214. Resistance is now seen at 2245 above that could see a resistance of 2256.

Trading Ideas:

Soyabean trading range is 2214-2256.

Soyabean ended firm on some short covering

Soyabean is taking resistance at 2245 and support is seen at 2224.

NCDEX accredited warehouses soyabean stocks rose 31 tonnes to 6903 tonnes.

At the Indore spot market in top producer MP, soybean gained 8 Rs to 2196Re 100 kgs.