Commodity Outlook for Soybean by Kedia Commodity

Commodity Outlook for Soybean by Kedia CommoditySoybean erased early gains to end lower tracking weakness in spot market, where demand was tepid. Market is witnessing buying at lower-levels, but weak meal exports is not allowing the market to sustain gains. Soyabean yesterday we have seen that market has moved -0.14%. Market has opened at 2076.5 & made a low of 2070 versus the day high of 2099.

The total volume for the day was at 52090 lots and the open interest was at 114710.Support for soyabean is at 2067 below that could see a test of 2054. Resistance is now seen at 2096 above that could see a resistance of 2112.

Trading Ideas:

Soyabean trading range is 2054-2112.

Soybean ended lower tracking weakness in spot market

Resistance for the soyabean oil is at 2067 and support is at 2096.

NCDEX accredited warehouses soyabean stocks rose by 30 tonnes to 288 tonnes.

In Indore spot prices fell by 12 rupees and settled at 2,060 rupees per 100 kg

SELL SOYABEAN MAR @ 2100 SL 2122 TGT 2088-2074-2060.NCDEX

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