Soybean declines on sluggish demand

Soyabean yesterday we have seen that market has moved -0.18% a drop in the overseas markets offset lower soybean stocks and a surge in the country's oilmeal exports.
Steady demand for soy meal in local market is likely to render support to the soybean market. Market talk of meal export enquiry from China is likely to lend support to the market.
After projection of normal monsoon, traders bought futures anticipating revival in demand for soybean for seeding purpose.
At the Indore spot market in top producer MP, soybean dropped -6 Rs to 2395Re 100 kgs. Market has opened at 2450 & made a low of 2431 versus the day high of 2450. The total volume for the day was at 31280 lots and the open interest was at 188150.
Support for soyabean is at 2431 below that could see a test of 2421. Resistance is now seen at 2450 above that could see a resistance of 2459.
Trading Ideas:
Soyabean trading range is 2421-2459.
Soyabean moved down as a drop in the overseas markets offset lower soybean stocks
Soyabean is taking resistance at 2450 and support is seen at 2431.
NCDEX accredited warehouses soyabean stocks fell by 461 tonnes to 4057 tonnes.
At the Indore spot market in top producer MP, soybean dropped -6 Rs to 2395Re 100 kgs.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soybean-declines-on-sluggish-demand-12649.html)