Soybean futures provisionally settle up 0.9% at fresh two-month high of on good soymeal export demand.
India's October soymeal exports more than doubled to 218,247 metric tons from 92,424 tons year earlier. Soyabean yesterday we have seen that market has moved 0.97%.
Market has opened at 2276 & made a low of 2275 versus the day high of 2313. The total volume for the day was at 58010 lots and the open interest was at 94080.Support for soyabean is at 2285.
Below that could see a test of 2261. Resistance is now seen at 2323 above that could see a resistance of 2337.
Trading Ideas:
SOYABEAN TRADING RANGE IS 2210-2340.
SOYBEAN ENDED HIGHER DUE TO LOWER OUTPUT ESTIMATE OF SUMMER-SOWN OILSEED
BUY SOYABEAN DEC AT 2340-2350 SL 2320 TGT 2365-2378-2385.
SOYBEAN IS TAKING RES OF 2270 ABV THIS NEXT RES IS AT 2285-2205 LVL.
SOME PROFIT BOOKING CAN BE SEEN IN TODAY TRADING SESSION
SELL SOYABEAN NOV BELOW 2280 SL 2310 TGT 2262-2240-2228.
Courtesy: Kedia Commodities Want to get Futures prices on your mobile? Click here
