Soybean extended the previous week's losses hammered by weak spot demand and bearish cues from overseas markets. In the spot market, demand is very weak for soybean since meal exports are not reviving. Soyabean yesterday we have seen that market has moved -0.82%. Market has opened at 1950 & made a low of 1936.5 versus the day high of 1961.5. The total volume for the day was at 63390 lots and the open interest was at 155060.Support for soyabean is at 1930 below that could see a test of 1921. Resistance is now seen at 1955 above that could see a resistance of 1971.

Trading Ideas:

Soyabean trading range is 1921-1971.

Soybean ended down hammered by weak spot demand and bearish cues from overseas markets

Resistance for the soyabean is at 1955 and support is at 1921.

NCDEX accredited warehouses soyabean stocks fell by 108 tonnes to 178 tonnes.

In Indore spot prices fell by 13 rupees and settled at 1985 rupees per 100 kg

BUY SOYABEAN APR ABV 1955 SL 1940 TGT 1965-1982-1999.NCDEX