Soy, as per expectation, ended low due to weak soymeal export demand and price hikes prevail on edible oil stocks.

Farmers are holding stocks anticipating price rise. At the Indore spot market, soy fell Rs25 (US$0.55) at Rs1,960 (US$43.43).

Earlier, market for soy has moved -1.66%. Market has opened at 1980 and made a low of 1950.5 versus the day high of 1986.

The total volume for the day was at 47,880 lots and the open interest was at 118,540. Support for soy is at 1942 below that could see a test of 1928. Resistance for soy is now seen at 1977 above that could see a resistance of 1999. Soy trading range is 1928-1999.

Soymeal is the most common protein meal in the world. India, along with other countries such as the US, China, Brazil, Argentina, is a major soymeal producer. It is also one of the major exporters of soymeal, exporting around 65% of the country's soymeal production, to the following Asian countries: South Korea, Thailand, Philippines and Japan.

Soymeal accounted for 84% of the total edible oilseed meal exports from the country.