Soyabean yesterday we have seen that market has moved -2.26% on the back of fresh supplies in major mandies along with strong production estimates for the current year. Moreover, strong production estimates for the current year might also incite stockiest selling at higher levels. Traders are estimating the total production of around 10.2 million tonnes in the current year, up 0.40 million tonnes from the last year. Arrivals of soybean in M.P. increased to 85,000 bags (15,000 bags old crop and 70,000 bags new crops) as compared to 75, 000 bags. The USDA has pegged India's Soybean production in 2011-12 at 106 lakh tonnes compared with 98 lakh tonnes a year ago due to rise in acreage and favourable weather. At the Indore spot market in top producer MP, soybean dropped -29 Rs to 2171Re 100 kgs. Market has opened at 2201 & made a low of 2152.5 versus the day high of 2201. The total volume for the day was at 48480 lots and the open interest was at 114850.Support for soyabean is at 2140 below that could see a test of 2122. Resistance is now seen at 2189 above that could see a resistance of 2219.

Trading Ideas:

Soyabean trading range is 2122-2219.

Soyabean moved -2.26% on the back of fresh supplies in major mandies along with strong production estimates

Traders are estimating the total production of around 10.2 million tonnes in the current year

The USDA has pegged India's Soybean production in 2011-12 at 106 lakh tonnes

At the Indore spot market in top producer MP, soybean dropped -29 Rs to 2171Re 100 kgs.