Soyabean yesterday we have seen that market has moved 0.52% tracking firmness in spot market. Important soybean growing states like MP and MH have received adequate rains to initiate sowing process of soybean. As per the latest forecast by the India Meteorological Department (IMD), the monsoon will be 95% of the long term average. Demand is gradually picking up. Indian oilmeal export during April -June 2011 period increased significantly due to good export demand. On Friday soybean market is likely to trade positive in the morning hours, however later on some profit booking might be seen. China plans to buy more soyoil and soybeans from Argentina in the future, Argentina's government said. At the Indore spot market in top producer MP, soybean gained 10 Rs to 2374Re 100 kgs. Market has opened at 2430 & made a low of 2410 versus the day high of 2445. The total volume for the day was at 65830 lots and the open interest was at 89100.Support for soyabean is at 2416 below that could see a test of 2396. Resistance is now seen at 2451 above that could see a resistance of 2466.

Trading Ideas:

Soyabean trading range is 2396-2466.

Soyabean moved 0.52% tracking firmness in spot market

Argentina says China to buy more soybeans

Soyabean is taking resistance at 2451 and support is seen at 2416.

At the Indore spot market in top producer MP, soybean gained 10 Rs to 2374Re 100 kgs.