India, Jan. 20 -- Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 3. 79% to settled at 198605 while prices down 88 rupees.
Now NCDEX Soyabean is getting support at 4562 and below same could see a test of 4514 levels and resistance is now likely to be seen at 4676 a move above could see prices testing 4742.
Soyabean yesterday settled down by 1.87% at 4611 amid worry over slim demand from poultry after the bird flu outbreak. The poultry industry is the main consumer of soya and many private poultry players have a direct contract with farmers for supply of feed.
BV Mehta executive director of the Solvent Extractors Association of India (SEA) said that poultry consumes about 5 million to...