Soybean extended the previous session's gains as weak arrivals buoyed the market tailing U.S. gains. U.S. soybean futures rose for the third straight session on Wednesday as the dollar continued to ease and traders worried about supplies from Brazil where logistic problems have slowed shipments.

In Indore spot market in Madhya Pradesh, the price of soybean rose by 18 rupees to 2,029 rupees.

Soyabean yesterday we have seen that market has moved 1.02%. Market has opened at 1972 & made a low of 1967 versus the day high of 1997.5. The total volume for the day was at 54540 lots and the open interest was at 152210.

Support for soyabean is at 1966 below that could see a test of 1951. Resistance is now seen at 1997 above that could see a resistance of 2012.

Trading Ideas:

Soyabean trading range is 1951-2012.
Soybean extended gains as weak arrivals buoyed the market tailing U.S. gains
Resistance for the soyabean is at 1966 and support is at 1997.
NCDEX accredited warehouses soyabean stocks rose by 1237 tonnes to 1785 tonnes.
In Indore spot prices rose by 18 rupees and settled at 2029 rupees per 100 kg
BUY SOYABEAN APR AT 1970-1980 SL 1956 TGT 2000-2025.NCDEX

Courtesy: Kedia Commodities

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