Soybean surges on domestic demand

Soyabean yesterday we have seen that market has moved 0.7% on expectation of revival in demand for the produce.
Limited supply of the produce at major spot markets also lent support to the prices. China's soybean imports in March were down 12% from a year earlier at 3.51 million metric tons, the General Administration of Customs said.
Confirming data released earlier this month, customs said total imports in the first three months of the year fell 0.7% to 10.96 million tons. China is the world's biggest importer of soybeans and gets most of its supplies from the U.S., Brazil and Argentina, the world's leading soybean producers.
At the Indore spot market in top producer MP, soybean gained 13 Rs to 2401Re 100 kgs. Market has opened at 2428.5 & made a low of 2428.5 versus the day high of 2455. The total volume for the day was at 31030 lots and the open interest was at 193950.
Support for soyabean is at 2428 below that could see a test of 2415. Resistance is now seen at 2455 above that could see a resistance of 2468.
Trading Ideas:
Soyabean trading range is 2415-2468.
Soybean gains on expectation of revival in demand for the produce
Soyabean is taking resistance at 2455 and support is seen at 2428.
China's soybean imports in March were down 12% from a year earlier at 3.51 million metric tons
At the Indore spot market in top producer MP, soybean gained 13 Rs to 2401Re 100 kgs.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soybean-surges-on-domestic-demand-12625.html)