Soyabean yesterday we have seen that market has moved -0.79% on the back of subdued demand in the domestic markets. La Nina conditions might intensify in next four to six weeks over Latin American regions and result in drier weather. Soybean crop would be subjected to stress which might result in lower yields. Thus production estimates of Brazil and Argentina together might lower by 3-5 million tons in 2012 which might create some lower level buying for long term. In the world agricultures supply demand report which is due to be released on 9th December global soybean production might be reported lower with major decline in U. S followed by Brazil and Argentina. At the Indore spot market in top producer MP, soybean dropped -23 Rs to 2381Re 100 kgs. Market has opened at 2416 & made a low of 2381 versus the day high of 2424. The total volume for the day was at 112670 lots and the open interest was at 193440. Support for soyabean is at 2376 below that could see a test of 2357. Resistance is now seen at 2419 above that could see a resistance of 2443.

Trading Ideas:

Soyabean trading range is 2357-2443.

Soybean fell on the back of subdued demand in the domestic markets

Soybean crop would be subjected to stress which might result in lower yields

La Nina conditions might intensify in next four to six weeks and result in drier weather

At the Indore spot market in top producer MP, soybean dropped -23 Rs to 2381Re 100 kgs.