Soyabean yesterday we have seen that market has moved 0.82% tracking firm global cues amid rising demand in the domestic markets. The gains in soybean were capped by expectations of a possible bumper crop. The country's soybean output in 2011/12 is likely to rise to 11.5 million tonnes from 9.5 million tonnes a year ago on improved yields, a leading trade body estimated last month. India’s soybean production will rise to 11 million metric tons in the year that started Oct. 1 from 9.8 million a year earlier, a unit of the U.S. Department of Agriculture said. Production of soybean meal, an animal feed, will rise to 7.68 million tons from 7.52 million a year earlier, the Foreign Agricultural Service said in a report posted today on the agency’s website. Output of soybean oil will rise to 1.69 million tons from 1.655 million, according to the report. At the Indore spot market in top producer MP, soybean gained 11 Rs to 2246Re 100 kgs. Market has opened at 2252 & made a low of 2252 versus the day high of 2270. The total volume for the day was at 44110 lots and the open interest was at 80130.Support for soyabean is at 2257 below that could see a test of 2245. Resistance is now seen at 2275 above that could see a resistance of 2281.

Trading Ideas:

Soyabean trading range is 2245-2281.

Soyabean ended with gain tracking firm global cues amid rising demand in the domestic markets

The country's soybean output in 2011/12 is likely to rise to 11.5 million tonnes from 9.5 million tonnes a year ago

NCDEX accredited warehouses soyabean stocks gained by 600 tonnes to 18682 tonnes.

At the Indore spot market in top producer MP, soybean gained 11 Rs to 2246Re 100 kgs.