Soyabean yesterday we have seen that market has moved 2.34% supported by some rise in demand, which has picked up slightly on encouraging soy meal export figures. However, weakness in international markets is likely to pressurize the Indian market sentiments. As per latest release from Ministry of Agriculture, the total sowing acreage of soyabean gained almost 14% as on 15th July 2011 to reach 73.38 lakh hectares. This was mainly due to strong sowing progress in Madhya Pradesh (32%) and Rajasthan (72%). At the Indore spot market in top producer MP, soybean gained 6 Rs to 2309Re 100 kgs. Market has opened at 2328 & made a low of 2321 versus the day high of 2393. The total volume for the day was at 95050 lots and the open interest was at 111780.Support for soyabean is at 2337 below that could see a test of 2293. Resistance is now seen at 2409 above that could see a resistance of 2437.

Trading Ideas:

Soyabean trading range is 2293-2437.

Soyabean moved 2.34% supported by some rise in demand

Soyabean is taking resistance at 2409 and support is seen at 2337.

The total sowing acreage of soyabean gained almost 14% as on 15th July 2011 to reach 73.38 lakh hectares

At the Indore spot market in top producer MP, soybean gained 6 Rs to 2309Re 100 kgs.