Soyabean yesterday we have seen that market has moved -0.24% as profit booking at the higher levels took the prices down with fresh selling pressure appearing on weak global cues, the prices fell on CBOT as well. Meanwhile, the domestic soybean production is expected to remain at 93.5 lakh tons which are nearly 10% more than the last year’s production. The total arrivals of 0.50 lakh bags at Madhya Pradesh and Maharashtra reported at 0.50 lakh bags. At the Indore spot market in top producer MP, soybean dropped -29 Rs to 2314Re 100 kgs. Market has opened at 2440 & made a low of 2426.5 versus the day high of 2450. The total volume for the day was at 65170 lots and the open interest was at 252250.Support for soyabean is at 2432 below that could see a test of 2418. Resistance is now seen at 2456 above that could see a resistance of 2465.

Trading Ideas:

Soyabean trading range is 2418-2465.

Soyabean ended weak as profit booking at the higher levels took the prices down.

Soyabean is taking resistance at 2456 and support is seen at 2432.

NCDEX accredited warehouses soyabean stocks rose 125 tonnes to 11622 tonnes.

At the Indore spot market in top producer MP, soybean dropped -29 Rs to 2314Re 100 kgs.

BUY SOYABEAN JAN ABV 2365 SL 2345 TGT 2390-2410.NCDEX (BTST)