Soybean erased early gains to end lower as weakness in the U.S. market outweighed improvement in spot demand.

Stockists are also buying on speculation that arrival of the produce will fall further and demand might revive in the near-term. In Indore spot market in top producer Madhya Pradesh, soybean price rose by 12 rupees to 2,041 rupees.

Soyabean yesterday we have seen that market has moved -0.58%. Market has opened at 1986 & made a low of 1962.5 versus the day high of 1992. The total volume for the day was at 56920 lots and the open interest was at 151680.

Support for soyabean is at 1958 below that could see a test of 1945. Resistance is now seen at 1987 above that could see a resistance of 2004.

Trading Ideas:

Soyabean trading range is 1945-2004.
Soybean ended lower as weakness in the U.S. market outweighed improvement in spot demand
Resistance for the soyabean is at 1958 and support is at 1987.
NCDEX accredited warehouses soyabean stocks rose by 1152 tonnes to 2937 tonnes.
In Indore spot prices rose by 12 rupees and settled at 2041 rupees per 100 kg
BUY SOYABEAN APR AT 1960 SL 1936 TGT 1978-1695-2010.NCDEX

Courtesy: Kedia Commodities

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