Soyabean yesterday we have seen that market has moved 0.48% due to strong buying support in the physical as well as futures market. International market sentiments too are positive due to strong demand by the China. More talk of a smaller South America crop and the potential impact on US demand plus a positive tilt to outside market forces helped to support strong gains early in the session. Another private forecast from Brazil for a crop of 66.7 million tonnes helped to support the market overnight as this estimate compares with the USDA March estimate of 68.5 million tonnes. Weekly export inspections came in at 24.9 million bushels which was in the range of estimates and compared with just 12.5 million necessary each week to reach the USDA forecast for the season. China is expected to auction 300,000 tonnes of reserve soybeans. At the Indore spot market in top producer MP, soybean gained 28 Rs to 2945Re per 100 kgs. Market has opened at 3005 & made a low of 2988 versus the day high of 3029. The total volume for the day was at 170270 lots and the open interest was at 167090.Support for soyabean is at 2992 below that could see a test of 2969. Resistance is now seen at 3033 above that could see a resistance of 3051.

Trading Ideas:

Soybean trading range for the day is 2969-3051.

Soyabean moved 0.48% due to strong buying support in the physical as well as futures market

International market sentiments too are positive due to strong demand by the China

NCDEX accredited warehouses soyabean stocks gained by 241 tonnes to 67014 tonnes.

At the Indore spot market in top producer MP, soybean gained 28 Rs to 2945Re 100 kgs.