Soyabean yesterday we have seen that market has moved 0.24% on speculation that Japan will step up grain purchases once ports and milling operations reopen following last week’s deadly earthquake. Supplies of soybeans are also moving to shipping terminals after processors slowed crushing last month. At the Indore spot market in top producer MP, soybeandropped -12 Rs to 2274Re 100 kgs. Market has opened at 2295 & made a low of 2292 versus the day high of 2345. The total volume for the day was at 97040 lots and the open interest was at 204790. Support for soyabean is at 2291 below that could see a test of 2265. Resistance is now seen at 2344 above that could see a resistance of 2371.
Trading Ideas:
Soyabean trading range is 2265-2371.
Soyabean gained on speculation that Japan will step up grain purchases
Soyabean is taking resistance at 2344 and support is seen at 2291.
NCDEX accredited warehouses soyabean stocks remained at 3886 tonnes.
At the Indore spot market in top producer MP, soybean dropped -12 Rs to 2274Re 100 kgs.
(Source: http://www.topnews.in/commodity-outlook-soyabean-kediacommodity-2317681)
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