Soyabean yesterday we have seen that market has moved -0.39% as profit-taking kicked in at higher levels. As per latest release by General Administration of Customs, China imported 43.9 million metric tons of soybeans in the January-October period this year, swelled by 25.8% from the last year in the same period. The total arrivals of 4.50 lakh bags at Madhya Pradesh and Maharashtra reported at 1.90-2 lakh bags. At the Indore spot market in top producer MP, soybean gained 6 Rs to 2296Re 100 kgs. Market has opened at 2390 & made a low of 2352 versus the day high of 2412.5. The total volume for the day was at 219000 lots and the open interest was at 239360.Support for soyabean is at 2346 below that could see a test of 2319. Resistance is now seen at 2406 above that could see a resistance of 2440.

Trading Ideas:

Soyabean trading range is 2321-2442.

Soyabean ended weak due to profit booking at higher levels

Soyabean is taking resistance at 2390 and support is seen at 2358.

China imported 43.9 million metric tons of soybeans in the January-October period this year

At the Indore spot market in top producer MP, soybean gained 6 Rs to 2296Re 100 kgs.