Ref Soyaoil yesterday traded with the negative node and settled -0.3% down at 708.4 due to a rise in edible oil imports last month, and tracking overseas markets, with prices expected to continue to fall this week. Higher imports in December are putting pressure on prices. USDA report did not provide any major support to bulls as market has more or less factored in to most of the factors already. In Indian market physical demand has remained good enough to support the prices but we expect that import of the edible oil will increase during January and onward that will give some relief at supply front. At the Indore spot market soyoil edged up by 1.05 rupee to 711.2 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 705.55 after opening at 708, and finally settled at 708.4. For today's session market is looking to take support at 704, a break below could see a test of 699.6 and where as resistance is now likely to be seen at 714.4, a move above could see prices testing 720.3.

Trading Ideas:

Ref soyaoil trading range is 699.6-720.3.

Ref soyoil edged lower due to a rise in edible oil imports last month

Higher imports in December are putting pressure on prices

Physical demand has remained good enough to support the prices

At the Indore spot market soyoil edged up by 1.05 rupee to 711.2 rupees 10 kgs.