Soyabean yesterday we have seen that market has moved 0.53% due to lower soybean stocks and firm overseas market. As on July 29, acreage under soybean in India stood at 9.78 million hectares against 8.53 million hectares a year ago, farm ministry data showed last week. Total 2010-crop soybean entries into the government's 9-mo price support loan program 18.424 mln bushels, a decrease of 2.524 mln bushels during the week ended July 26, according to USDA. At the Indore spot market in top producer MP, soybean gained 13 Rs to 2400Re 100 kgs. Market has opened at 2455 & made a low of 2441 versus the day high of 2464. The total volume for the day was at 36950 lots and the open interest was at 78040.Support for soyabean is at 2445 below that could see a test of 2432. Resistance is now seen at 2468 above that could see a resistance of 2478.

Trading Ideas:

Soyabean trading range is 2432-2478.

Soyabean yesterday moved 0.53% due to lower soybean stocks and firm overseas market

As on July 29, acreage under soybean in India stood at 9.78 million hectares

Soyabean is taking resistance at 2468 and support is seen at 2445.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 2400Re 100 kgs.