Soyabean yesterday settled flat suffering some profit booking after the domestic market saw a moderate rise in rates in last couple of days on firm global cues. Though, Indian oilmeal export during April-June 2011 period increased significantly due to good export demand and the traders are expecting short term firmness on the expectations of rising demand. At the Indore spot market in top producer MP, soybean gained 15 Rs to 2324Re 100 kgs. Market has opened at 2385 & made a low of 2361.5 versus the day high of 2400. The total volume for the day was at 85130 lots and the open interest was at 117390.Support for soyabean is at 2366 below that could see a test of 2344. Resistance is now seen at 2404 above that could see a resistance of 2421.      

Soyabean trading range is 2344-2421.

Soyabean settled flat suffering some profit booking after the domestic market saw a moderate rise in rates

Soyabean is taking resistance at 2404 and support is seen at 2366.

Indian oilmeal export during April-June 2011 period increased significantly due to good export demand

At the Indore spot market in top producer MP, soybean gained 15 Rs to 2324Re 100 kgs.

BUY SOYABEAN AUG @ 2380-2386 SL 2365 TGT 2400-2434-2452.NCDEX