Soybean drops on active selling

Soyabean yesterday we have seen that market has moved -1.09% on extended selling pressure and taking cues from weak overseas market.
Domestic traders sold futures anticipating decline in demand for the produce at current higher levels. Prices fell on expectation of rise in import of soy oil in January will increase the inventory level.
As per latest release from General Administration of Customs, China imported 5.14 million metric tonnes of soybeans in January, gained 26% from the same month in the last year.
At the Indore spot market in top producer MP, soybean dropped -8 Rs to 2433Re 100 kgs. Market has opened at 2530 & made a low of 2493 versus the day high of 2535.
The total volume for the day was at 67110 lots and the open interest was at 262240.Support for soyabean is at 2483 below that could see a test of 2467. Resistance is now seen at 2525 above that could see a resistance of 2551.
Trading Ideas:
Soyabean trading range is 2467-2551.
Soyabean ended down on extended selling pressure
Soyabean is taking resistance at 2528 and support is seen at 2478
NCDEX accredited warehouses soyabean stocks rose 30 tonnes to 370 tonnes.
At the Indore spot market in top producer MP, soybean dropped -8 Rs to 2433Re 100 kgs.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soybean-drops-on-active-selling-11671.html)