Soybean plunges on increased arrivals

Soyabean yesterday we have seen that market has moved -0.55%. The total arrivals of soyabean 0.45 lakh bags at Madhya Pradesh and Maharashtra reported at 0.95 lakh bags.
The soybean harvest in Brazil's Mato Grosso state, the nation's biggest producer, is progressing at a slower pace this year.
Farmers had completed 2.8 percent of the harvest as of Jan. 27, down from 9.9 percent at the same time last year. At the Indore spot market in top producer MP, soybean dropped -24 Rs to 2458Re 100 kgs.
Market has opened at 2540.5 & made a low of 2522.5 versus the day high of 2568. The total volume for the day was at 109560 lots and the open interest was at 253050.
Support for soyabean is at 2517 below that could see a test of 2497. Resistance is now seen at 2563 above that could see a resistance of 2588.
Trading Ideas:
Soyabean trading range is 2495-2586.
Soyabean ended weak as continued profit-taking weighed on prices
Soyabean is taking resistance at 2563 and support is seen at 2517.
NCDEX accredited warehouses soyabean stocks fell by a tonne tonnes to 270 tonnes.
At the Indore spot market in top producer MP, soybean dropped -24 Rs to 2458Re 100 kgs.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soybean-plunges-on-increased-arrivals-11586.html)