Soybean recovers on short covering

Soyabean yesterday we have seen that market has moved 0.69% tracking overseas market and on the back of some on short covering.
The area planted with soybeans may be 76.79 million acres (31.1 million hectares) this year, compared with USDA’s February estimate of 78 million acres.
At the Indore spot market in top producer MP, soybean gained 25 Rs to 2308Re 100 kgs. Market has opened at 2323 & made a low of 2319 versus the day high of 2349.
The total volume for the day was at 40680 lots and the open interest was at 125990.Support for soyabean is at 2321 below that could see a test of 2305. Resistance is now seen at 2351 above that could see a resistance of 2365.
Trading Ideas:
Soyabean trading range is 2306-2366.
Soyabean gained tracking overseas market and on the back of some on short covering
Soyabean is taking resistance at 2351 and support is seen at 2321.
Area planted with soybeans may be 76.79 million acres this year compared with USDA’s February estimate of 78 million acres.
At the Indore spot market in top producer MP, soybean gained 25 Rs to 2308Re 100 kgs.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soybean-recovers-on-short-covering-12326.html)