SOYABEAN MARKET RISES , OPEN INTEREST DROPS 14.53%

Soyabean trading range for the day is 3340-3412. Soyabean settled up by 0.3% at 3375 on fear on lower stockpiles of the crops in domestic. Farmers are holding soy bean stocks hoping prices to rise in the coming months, though chances are bleak keeping view ample availability in the global markets.
Soyabean ended with gains on fear on lower stockpiles of the crops in domestic.At the Indore spot market in top producer MP, soybean gained 6 rupee to 3408 rupee per 100 kgs.Technically market is under short covering as market has witnessed drop in open interest by -14.53% to settled at 60000 while prices up 10 rupee, now Soyabean is getting support at 3358 and below same could see a test of 3340 level, and resistance is now likely to be seen at 3394, a move above could see prices testing 3412.
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