Ref Soyaoil yesterday traded with the negative node and settled -0.26% down at 651 due to profit booking amid slack demand. The total vegetable oils (edible & non-edible) imports from India for the month of August are reported at 817,440 tons compared to 1,065,641 tons in August 2010 i.e. down by 23.2%, consisting of 785,518 tons of edible oils and 31,922 tons of non-edible oils, according to the latest data from the Solvent Extractor's Association (SEA). The overall import of vegetable oils during Nov.'10 to August '11 is reported at 6,860,843 tons compared to 7,447,955 tons during the same period of last year i.e. down by 7.9%. Higher production of soybean in U.S is creating possible higher supply situation which is having bearish impact on prices. At the Indore spot market soyoil edged up by 0.35 rupee to 668.75 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 650.6 after opening at 652.8, and finally settled at 651. For today's session market is looking to take support at 649.5, a break below could see a test of 648 and where as resistance is now likely to be seen at 653.6, a move above could see prices testing 656.2.

Trading Ideas:

Ref soyaoil trading range is 648.1-656.3.

Ref Soyaoil yesterday traded with the negative due to profit booking amid slack demand

The total vegetable oils imports from India for the month of August are reported at 817,440 tons

Ref soyoil looks to take support at 649.50 and resistance at 653.60.

At the Indore spot market soyoil edged up by 0.35 rupee to 668.75 rupees 10 kgs.