Soybean tumbles on global cues

Soyabean yesterday we have seen that market has moved -0.71% tracking a drop in the U.S. market and as demand for Indian soymeal softened after key buyer China cut purchases.
The weekly export inspections report released on May 2, 2011, which showed soybean exports at just 5.525 million bushels as compared with 11.0 million last week and 12.49 million bushels needed each week to reach the USDA projection for the year.
At the Indore spot market in top producer MP, soybean dropped -20 Rs to 2334Re 100 kgs. Market has opened at 2375 & made a low of 2363.5 versus the day high of 2380.
The total volume for the day was at 32930 lots and the open interest was at 135420.Support for soyabean is at 2361 below that could see a test of 2354. Resistance is now seen at 2378 above that could see a resistance of 2387.
Trading Ideas:
Soyabean trading range is 2354-2387.
Soyabean dropped tracking a drop in the U.S. market and as demand for Indian soymeal softened
Soyabean is taking resistance at 2378 and support is seen at 2361.
Soybean exports at just 5.525 million bushels as compared with 11.0 million last week -USDA
At the Indore spot market in top producer MP, soybean dropped -20 Rs to 2334Re 100 kgs.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Soybean-tumbles-on-global-cues-12820.html)