Soyabean tumbles on increased arrivals

Soyabean yesterday we have seen that market has moved -1.69% weighed down by the rising arrivals.
Fresh crop arrivals from the Latin American countries i.e. Brazil and Argentina have started and it will divert the international demand to these countries.
China is expected to import a record amount of soybeans in 2011-12 as growing meat consumption continues to fuel demand despite a fall in plantings, the U.S. Department of Agriculture's said.
At the Indore spot market in top producer MP, soybean dropped -43 Rs to 2331Re 100 kgs. Market has opened at 2419 & made a low of 2371 versus the day high of 2419.
The total volume for the day was at 65350 lots and the open interest was at 195630.Support for soyabean is at 2364 below that could see a test of 2344.
Resistance is now seen at 2412 above that could see a resistance of 2440.
Trading Ideas:
Soyabean trading range is 2344-2440.
Soyabean ended down weighed down by the rising arrivals
Soyabean is taking resistance at 2412 and support is seen at 2364.
NCDEX accredited warehouses soyabean stocks fell by 179 tonnes to 3527 tonnes.
At the Indore spot market in top producer MP, soybean dropped -43 Rs to 2331Re 100 kgs.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soyabean-tumbles-on-increased-arrivals-11990.html)