Soybean edged lower due to sluggish meal exports and weakness in overseas markets, but lower level buying limited the downside. India's oilmeal exports slumped 44 percent to 395,663 tonnes in December from 708,631 tonnes a year earlier. Malaysian crude palm oil futures dropped 1.1 percent on Wednesday as high opening stocks this month outweighed a cargo surveyor report of higher exports.

Soyabean yesterday we have seen that market has moved -0.23%. Market has opened at 2227.5 & made a low of 2206 versus the day high of 2227.5. The total volume for the day was at 69750 lots and the open interest was at 301850. Support for soyabean is at 2205 below that could see a test of 2194. Resistance is now seen at 2226 above that could see a resistance of 2237.

Trading Ideas:

Soyabean trading range 2180-2250

Soybean edged lower due to sluggish meal exports and weakness in overseas markets

Resistance for the soyabean is at 2226 and support is at 2202 level

Demat stock of soybean at NCDEX-monitored warehouses rose by 4015 tonnes to 22664 tonnes

In Indore spot prices dropped by 4 rupees by to 2170 rupees per 100 kg.

BUY SOYABEAN FEB @ 2200 SL 2178 TGT 2214-2230-2244.NCDEX