Soyabean yesterday we have seen that market has moved -0.54% continuing its weak trend driven by a decline in overseas market. Argentine farmers made good progress to bring in 2010/11 soybeans over the last week, but yields were unexpectedly low. The USDA said private exporters struck deals to sell 110,000 tons of soybeans to China, the world's top importer of the oilseed, for delivery after Aug. 31. At the Indore spot market in top producer MP, soybean dropped -20 Rs to 2368Re 100 kgs. Market has opened at 2410 & made a low of 2379.5 versus the day high of 2410. The total volume for the day was at 25510 lots and the open interest was at 168280.Support for soyabean is at 2375 below that could see a test of 2362. Resistance is now seen at 2406 above that could see a resistance of 2423.

Trading Ideas:

Soyabean trading range is 2362-2423.

Soyabean ended down driven by a decline in overseas market

Soyabean is taking resistance at 2406 and support is seen at 2375.

NCDEX accredited warehouses soybean stocks rose by 29 tonnes to 3076 tonnes.

At the Indore spot market in top producer MP, soybean dropped -20 Rs to 2368Re 100 kgs.