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Soybean dropped as higher stocks, weak spot demand and a fall in overseas markets hammered sentiment. At the Indore spot market in top producer Madhya Pradesh, soybean edged down by 9 rupees to 1,939 rupees. Soyabean yesterday we have seen that market has moved -1.12%. Market has opened at 1959 & made a low of 1933 versus the day high of 1959. The total volume for the day was at 47890 lots and the open interest was at 124110.Support for soyabean is at 1930 below that could see a test of 1918. Resistance is now seen at 1956 above that could see a resistance of 1970.

Soyabean trading range is 1918-1970.

Mentha oil settled marginally down as slight profit booking emerged towards the closing. On May 15th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 701,330 kg of which 666,795 kg is physical stock and 34,535 is the demat stock. May contract dropped Rs 0.9 and settled at Rs 695.5 a kg. The contract made intraday low of Rs 688.5 a kg and high of Rs 705.8 a kg with the volume of 1733 and total open interest for the same contact was at 3929.Now support for the menthol is seen at 687.4 and below could see a test of 679.3. Resistance is now likely to be seen at 704.7, a move above could see prices testing 713.9.

According to media reports, a bankruptcy court in Ontario gave Canwest Global Communications Corp. permission to sell its publications business to unsecured creditors for $1.1 billion.

The Globe and Mail reported on Monday that the bid for Canwest's newspaper division beat out a rival bid submitted by Torstar Corp.

A new law that mandates the central bank to choose what firms can trade dollars will allow the Venezuelan government to take control of Bolivar currency exchanges.

President Hugo Chavez signed the bill into law, then said on state television: "I don't mind more regulation if it's needed. Don't provoke me, bourgeois speculators and brokerages," the Merco Press reported on Monday.

It has been reported that a multibillion dollar deal for a potential sale of French Rafale semi-stealth fighter jets to Brazil is in the balance as France, under pressure from its farmers, seeks to scuttle a Spanish move to renew talks with Latin America's Mercosur trade pact.

It was also reported that the pact, which has Brazil as its most influential member, is opposed by most agriculturalists in Europe, who see cheaper farm imports from South America as a direct threat and a potential risk to lucrative European Union subsidies.

Pepper ended weak tracking weakness in the spot market and on sluggish overseas demand. Overseas demand for the Indian origin pepper is weak because prices are at premium compared with other competing countries in the international market. Spot pepper dropped 124 rupees to end at 16,241 rupees per 100 kg in Kochi. June delivery dropped Rs 238 and settled at Rs 16686/quintal. The contract touched the intraday high of Rs 16949/quintal while low of Rs 16650/quintal. Now support for the pepper is seen at 16574 and below could see a test of 16463. Resistance is now likely to be seen at 16873, a move above could see prices testing 17061.

Pepper trading range is 16463-17061.