Soyabean yesterday we have seen that market has moved -0.34% as an expected rise in the local soybean output weighed on prices. India's soybean output in 2011/12 is likely to rise 10.5 percent to 10.5 million tonnes as farmers plant a larger area with the crop and rains adequate. Soybean stockpiles have been depleted due to robust crushing to meet good export demand for soymeal. India's central Madhya Pradesh state, the top soybean producer, received heavy rainfall past week, data with weather department's showed. At the Indore spot market in top producer MP, soybean dropped -10 Rs to 2363Re 100 kgs. Market has opened at 2382 & made a low of 2358 versus the day high of 2382. The total volume for the day was at 28450 lots and the open interest was at 98850.Support for soyabean is at 2361 below that could see a test of 2348. Resistance is now seen at 2385 above that could see a resistance of 2396.

Trading Ideas:

Soyabean trading range is 2348-2396.

Soyabean moved -0.34% as an expected rise in the local soybean output weighed on prices

India's soybean output in 2011/12 is likely to rise 10.5 percent to 10.5 million tonnes

Soyabean is taking resistance at 2400 level abreak abv same looks to test 2425 level

At the Indore spot market in top producer MP, soybean dropped -10 Rs to 2363Re 100 kgs.