Soyabean yesterday we have seen that market has moved -1.17% fueled by investor selling amid the absence of fresh demand to buoy prices. The combination of seasonal harvest pressure and fears of slumping demand amid a tenuous global economy attracted sellers to the market. A significant increase in acreage has been reported in Madhya Pradesh and Maharashtra. The overall acreage under oilseeds as on 15th September touched 178.14-lakh hectare against 172.52-lakh hectare last year at the same period, up by 5.61 lakh hectare. Domestic demand for soybeans in India, fueled by a growing population and economic wealth in the world's fifth-largest producer, will result in the country becoming a net importer by 2015. Higher levels are not sustaining due to immediate selling pressure. Weather is conducive for harvesting in India. Please note that US, the biggest soybean producing country and India, one of the important soy meal exporter are going to start harvesting which will continue till whole October. At the Indore spot market in top producer MP, soybean dropped -12 Rs to 2269Re 100 kgs. Market has opened at 2251 & made a low of 2211 versus the day high of 2259. The total volume for the day was at 101610 lots and the open interest was at 124880. Support for soyabean is at 2216 below that could see a test of
2189. Resistance is now seen at 2264 above that could see a resistance of 2285.

Trading Ideas:

Soyabean trading range is 2189-2285.

Soybean stumbled fueled by investor selling amid absence of fresh demand to buoy prices

The combination of seasonal harvest pressure and fears of slumping demand attracted sellers to market.

US and India are going to start harvesting which will continue till whole October.

At the Indore spot market in top producer MP, soybean dropped -12 Rs to 2269Re 100 kgs.