Ref Soyaoil yesterday traded with the negative node and settled -0.35% down at 789.7 due to profit booking amid weak spot demand. Farmers have accelerated sowing after getting rainfall in the past few days. More than half of the soybean sowing has been done and the rest will be over by late next week. As per latest release from China's General Administration of Customs, the total June edible oil imports in China spurted by 15% from the same month in last year, and 17% from May to 5.40 lakh metric tonnes. While the total imports during January to June reported at 3.27 million tonnes, up 21% from the last year in the same month. India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago, the Solvent Extractors' Association of India said. The U. S. Department of Agriculture (USDA) will release its crop production, ending stocks and world supply/demand forecasts. Soybean sowing has speeded up in Madhya Pradesh and Maharashtra, the top two producing states, after they received rains in the past few days. At the Indore spot market soyoil edged down by -0.85 rupee to 774 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 784.4 after opening at 789.35, and finally settled at 789.7. For today's session market is looking to take support at 785.5, a break below could see a test of 781.2 and where as resistance is now likely to be seen at 792.9, a move above could see prices testing 796.

Trading Ideas:

Ref soyaoil trading range for the day is 781.23-796.03.

Ref Soyaoil ended with weak node due to profit booking amid weak spot demand.

Farmers have accelerated sowing after getting rainfall in the past few days

China’s total imports during January to June reported at 3.27 million tonnes, up 21%

At the Indore spot market soyoil edged down by -0.85 rupee to 774 rupees 10 kgs.