Soyabean yesterday we have seen that market has moved -0.08% an expected rise in soybean production outweighed good demand. Soybean crop is in a very good shape in Madhya Pradesh and Maharashtra. Earlier there were concerns about yields due to heavy rainfall, but now heavy rainfall has stopped. Madhya Pradesh received heavy rainfall last week, weather department data showed. 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. At the Indore spot market in top producer MP, soybean dropped -9 Rs to 2354Re 100 kgs. Market has opened at 2360 & made a low of 2353 versus the day high of 2372. The total volume for the day was at 24510 lots and the open interest was at 97150.Support for soyabean is at 2358 below that could see a test of 2346. Resistance is now seen at 2377 above that could see a resistance of 2384.

Trading Ideas:

Soyabean trading range is 2346-2384.

Soyabean moved -0.08% an expected rise in soybean production outweighed good demand

Soybean crop is in a very good shape in Madhya Pradesh and Maharashtra.

NCDEX accredited warehouses soyabean stocks dropped by 476 tonnes to 122 tonnes.

At the Indore spot market in top producer MP, soybean dropped -9 Rs to 2354Re 100 kgs.