Soybean trading range for the day is 3204-3432. Kedia Commodities research indicate support for soybean is at 3256 below that could see a test of 3204. Resistance is now seen at 3370 above that could see a resistance of 3432. Market has opened at 3366 and made a low of 3265 versus the day high of 3379. The total volume for the day was at 200220 lots and the open interest was at 118740.
Soybean prices ended lower in previous trading session at Rs.3327 for June contract down by 2.2%. However, on CBOT platform where July soybeans futures were flat at 1342.5 at previous levels.
Soyabean yesterday moved -2.23% due to profit booking amid rising concern over global economic recovery coupled with higher production forecast for 2012-13.
NCDEX Soybean settled down by more than 2.50 percent due to weak global market and higher production estimates for next year and soybean prices are likely to fall up to Rs.3200 per quintal for short-term report by Edelweiss Comtrade.