Commodity Trading Tips for Ref. Soya Oil by Kedia Commodity

Ref Soya OilRef. Soya Oil yesterday settled flat as domestic demand rose on an expected increase in demand ahead of the Ramadan festival. Oilseeds sowing will begin a few days in advance due to the early arrival of monsoon rains. The monsoon has covered Maharashtra and almost all of Madhya Pradesh, the weather department said. The central state of Madhya Pradesh is the country's top soybean producer, followed by the western state of Maharashtra. Indian farmers are expected to increase soybean planting in 2013/14, encouraged by a rally in prices and the need to cultivate a sturdy crop to prepare for the possibility of an unhelpful monsoon season. India's soymeal exports fell to 96,492 tonnes in May from 142,588 tonnes a year earlier, the Solvent Extractors' Association of India said in a statement. In international markets some weakness is seen due to improvement in the sowing progress and steady export demand. As per the SOPA, export during May 2013 was 0.97 Lakh tons as compared to 1.39 lakh tones in the same period of previous year showing a decrease of 29.74%. At the Indore spot market in Madhya Pradesh, soyoil was steady at 712 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -8.83% to settled at 77920 while prices down -0.2 rupee, now Ref. Soya oil is getting support at 693 and below same could see a test of 691.4 level, And resistance is now likely to be seen at 696.9, a move above could see prices testing 699.2.

Trading Ideas:

Ref. Soya oil trading range for the day is 687-695.

Ref soyaoil settled flat as domestic demand rose on an expected increase in demand ahead of the Ramadan festival.

Oilseeds sowing will begin a few days in advance due to the early arrival of monsoon rains

Indian farmers are expected to increase soybean planting in 2013/14, encouraged by a rally in prices.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 712.5 rupees per 10 kgs.