Soyabean yesterday we have seen that market has moved -0.99% on profit booking after gaining on Friday as improvement is seen in the soymeal prices due to improvement in demand. As per market sources, the total daily arrivals have gained momentum in all the major mandies. The total daily arrivals were reported in the range of 2.20-2.30 lakh bags with the total arrivals of around 1.20 lakh bags in Madhya Pradesh and around 1 lakh bags in Maharashtra. Moreover, fragile export demand of soyameal from the last one month also added some selling at higher levels. The data compiled by SEA of India stated that the total soyameal exports in January were at 4.74 lakh tonnes, down 3.50 lakh tonnes from the December month. As per the latest release from Rosario grains exchange , Argentina's 2011/12 soy crop is seen totaling just 44.5 million tonnes as dry weather slashed yields, . Exchange forecasted the total crop at 49.5 million tonnes last month. The exchange also reduces its 2011/12 corn harvest estimate to below 20 million tonnes from 21.4 million tonnes that were reported earlier. At the Indore spot market in top producer MP, soybean gained 6 Rs to 2606Re per 100 kgs. Market has opened at 2644 & made a low of 2598 versus the day high of 2653.5. The total volume for the day was at 111900 lots and the open interest was at
141320. Support for soyabean is at 2587 below that could see a test of 2565. Resistance is now seen at 2642 above that could see a resistance of 2676.

Trading Ideas:

Soybean trading range for the day is 2565-2675.

Soyabean moved -0.99% on profit booking after gaining on Friday as improvement is seen in soymeal prices

Total soyameal exports in January were at 4.74 lakh tonnes, down 3.50 lakh tonnes from December month

NCDEX accredited warehouses soyabean stocks gained by 59 tonnes to 46218 tonnes.

At the Indore spot market in top producer MP, soybean gained 6 Rs to 2606Re 100 kgs.