Soyabean yesterday we have seen that market has moved 1.4% as lower existing carry over stock of domestic soybean and china's lower output estimates of soybeans are in favour. Japan's total soybean imports in 2010 were approximately 3.5 million tonnes, up 1.9 percent from 3.4 million tonnes in 2009, of which the United States supplied 2.5 million tonnes. Demand for temperate oil in 2010 increased 0.8 percent from 2009 while demand for tropical oil increased 8.9 percent over the same period. At the Indore spot market in top producer MP, soybean gained 2 Rs to 2348Re 100 kgs. Market has opened at 2370 & made a low of 2355 versus the day high of 2397. The total volume for the day was at 47870 lots and the open interest was at 125560. Support for soyabean is at 2369 below that could see a test of 2341. Resistance is now seen at 2411 above that could see a resistance of 2425.

Trading Ideas:

Soyabean trading range is 2341-2425.

Soyabean ended higher as lower existing carry over stock of domestic soybean are in favour

Soyabean is taking resistance at 2411 and support is seen at 2369.

Japan's total soybean imports in 2010 were approximately 3.5 million tonnes

At the Indore spot market in top producer MP, soybean gained 2 Rs to 2348Re 100 kgs.