Soyabean yesterday we have seen that market has moved 3.44% tracking the strong global markets. Soybeans grabbed the spotlight in the grain and oilseed complex, due in large part to an increase in export demand. Soybeans rallied to new near-term highs for the sixth consecutive day, as traders remain relentless buyers amid worries government forecasters are underestimating export demand. Smaller South American production forecasts continue to support soybeans, reflected by China, the world's leading importer of soybeans buying large amounts of beans from US last week. The International Grains Council has lowered its forecast for global soybean output in 2012-13 by almost 4%, as dry weather has affected yield potential in many areas of South America. Production is forecast at a three-year low of 246.5 million tons, down 7.6% from 2011-12 because of lower output in all major producing regions. At the Indore spot market in top producer MP, soybean gained 24 Rs to 2615Re per 100 kgs. Market has opened at 2584 & made a low of 2584 versus the day high of 2660. The total volume for the day was at 198680 lots and the open interest was at 132750.Support for soyabean is at 2608 below that could see a test of 2558. Resistance is now seen at 2684 above that could see a resistance of 2710.

Trading Ideas:

Soybean trading range for the day is 2558-2710.

Soybean prices ended higher tracking the strong global markets amid firm spot market demand

Smaller South American production forecasts continue to support soybeans

NCDEX accredited warehouses soyabean stocks gained by 685 tonnes to 47114 tonnes.

At the Indore spot market in top producer MP, soybean gained 24 Rs to 2615Re 100 kgs.