Soyabean yesterday traded with the positive node and settled 0.67% up at 2390.5 on the support from the domestic and international clues. Demand for soybeans globally remains strong, even with export numbers within trade expectations, year-end profit taking was once again cited for holding prices lower than might otherwise occur. Speculation that funds might adjust holdings from their strong current net long positions was also weighing on prices as trading looks into January 2011. Reports from Argentina are not showing improvement in soybean production front, not only are the full-season beans facing dry periods, but the planting of double-crop or second-season beans following wheat is close to non-existent in some major producing areas as the ground as no moisture. For today's session market is looking to take support at 2381, a break below could see a test of 2372 and where as resistance is now likely to be seen at 2404, a move above could see prices testing 2418.

Trading Ideas:

Soyabean trading range is 2373-2419.

Soyabean firm on international clues as a weaker dollar, talk of continued strong demand from China.

Weakness in the other grains and forecasts for a little less heat in Argentina limiting the upside.

Technically market is in overbot and resistance is at 2415 and support is at 2372.

At the Indore spot market in top producer MP, soybean gained 25 Rs to 2343Re 100 kgs.

BUY SOYABEAN JAN @ 2380 SL 2356 TGT 2395-2410.NCDEX