Commodity Trading Tips for Ref. Soya oil by Kedia Commodity

Ajay Kumar Kedia 24 July 2013

Ref Soya Oil Ref. Soya Oil yesterday settled down -1.23% at 656.1 owing to higher estimates of production. There are sufficient soybean stocks in the mandis of Madhya Pradesh and higher soybean sowing estimates are adding to the pressure. The total area sown for soybean crop may exceed last year's 10.9 mn hectares on rise in sowing in Madhya Pradesh and Maharashtra. India's import of vegetable oils during June 2013 was reported at 947,591 tons, up by 21% when compared to the 783,315 tons during the same period last year, according to the data released by the Solvent Extractors' Association of India (SEA). The imports consist of 911,091 tons of edible oils and 36,500 tons of non-edible oils. The overall import of vegetable oils during November 2012 to June 2013 reported at 7,145,060 tons. The SEA has compiled the import data of vegetable oils (edible and non-edible) for the month of June, 2013. The import of vegetable oils during June 2013 is reported at 947,591 tons compared to 783,315 tons in June 2012 i. e. up by 21%, consisting of 911,091 tons of edible oils and 36,500 tons of non-edible oils. Vegetable oil imports increased by 21% in June to 9.47 lakh tonnes due to lower domestic production and rising local demand for cooking oils. Import of vegetable oils, which comprises edible and non-edible oils, rose by 12% during the November
2012 and June 2013 period at 71.45 lakh tonnes compared to 63.95 lakh tonnes in the corresponding period of previous year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 675 rupees per 10 kgs. Now Ref. Soya oil is getting support at 652.8 and below same could see a test of 649.5 level, And resistance is now likely to be seen at 662.7, a move above could see prices testing 669.3.