Soyabean yesterday we have seen that market has moved -0.23% suffering some profit booking after a marginal surge in the previous session on the back of some global concerns as the USDA is scheduled to release World Agricultural Supply and Demand Estimates (WASDE) report later today which is expected to reduce the production estimates of South American countries. The total arrivals of soyabean were 1.50 lakh bags at Madhya Pradesh and Maharashtra reported at 1.50 lakh bags. At the Indore spot market in top producer MP, soybean dropped -1 Rs to 2318Re 100 kgs. Market has opened at 2414 & made a low of 2397 versus the day high of 2420. The total volume for the day was at 86880 lots and the open interest was at 238660.Support for soyabean is at 2399 below that could see a test of 2386. Resistance is now seen at 2422 above that could see a resistance of 2432.

Trading Ideas:

Soyabean trading range is 2386-2432.

Soyabean yesterday ended weak suffering some profit booking

Soyabean is taking resistance at 2422 and support is seen at 2399.

NCDEX accredited warehouses soyabean stocks fell 604 tonnes to 11533 tonnes.

At the Indore spot market in top producer MP, soybean dropped -1 Rs to 2318Re 100 kgs.

SELL SOYABEAN FEB @ 2415 SL 2430 TGT 2398-2375.NCDEX