Soyabean yesterday we have seen that market has moved 0.24% on short covering amid estimates of lower production in South America following a severe drought. Soybean prices in spot markets started declining from mid-week on rupee appreciation against the US dollar. Reports of ban on Indian oilmeal imports by China also adversely affected the Indian market. Across Madhya Pradesh, biggest soybean producing state in India, arrivals in the beginning of the week were 125,000 bags. Arrivals in Rajasthan and Maharashtra started the week with 80,000 and 40,000 bags respectively. At the Indore spot market in top producer MP, soybean gained 11 Rs to 2477Re per 100 kgs. Market has opened at 2460 & made a low of 2453 versus the day high of 2479. The total volume for the day was at 77070 lots and the open interest was at 206910. Support for soyabean is at 2447 below that could see a test of 2437. Resistance is now seen at 2473 above that could see a resistance of 2489.

Trading Ideas:

Soyabean trading range is 2437-2489.

Soybean rose on short covering amid estimates of lower production in South America

Reports of ban on Indian oilmeal imports by China also adversely affected the Indian market

NCDEX accredited warehouses soyabean stocks gained by 1003 tonnes to 47827 tonnes.

At the Indore spot market in top producer MP, soybean gained 11 Rs to 2477Re per 100 kgs.