Soyabean yesterday we have seen that market has moved 1.21% on short covering after the fall on previous day on news that China canceled two cargoes of U. S. soybean sales. Rainfall in Argentina over the weekend was beneficial for the soybean crop, much of the soybean crop in Argentina is in the critical pod-setting stage and rainfall should help improve crop prospects. At the Indore spot market in top producer MP, soybean gained 10 Rs to 2402Re 100 kgs. Market has opened at 2484 & made a low of 2461 versus the day high of 2506. The total volume for the day was at 103010 lots and the open interest was at 202010. Support for soyabean is at 2475 below that could see a test of 2446. Resistance is now seen at 2520 above that could see a resistance of 2536.

Trading Ideas:

Soyabean trading range is 2445-2535.

Soyabean ended higher on short covering after the fall on previous day

Soyabean is taking resistance at 2520 and support is seen at 2475.

NCDEX accredited warehouses soyabean stocks fell 2569 tonnes to 8618 tonnes.

At the Indore spot market in top producer MP, soybean gained 10 Rs to 2402Re 100 kgs.