Ref Soyaoil yesterday traded with the negative node and settled -1.57% down at 798.7 due to profit booking tracking weakness in spot market demand. Oilmeal exports in India rose by 22% in June 2012 to 3,05,525 tonnes as per Solvent Extractors Association of India. It was 2,05,335 tonnes in same period last year. The total export of oilmeals during April to June 2012 has reduced and reported at 1,057,743 tons compared to 1,087,463 tons during the same period of last year i.e. down by 3%, mainly due to disparity in crushing resulted into less availability of oilmeals for the export. Soymeal export in India rose by 54% to 1.80 lakh tonnes in June, as per the industry data released. The country had exported 1.17 lakh tonnes of soya meal in last year same period, Soyabean Processors Association of India (SOPA) said. India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes the same period a year ago, the Solvent Extractors' Association of India said earlier this month. In the domestic markets, Oilseeds have been sown in 67.7 lakh hectares so far, compared with 86.97 lakh hectares same period last year. Soybean sowing is down by 19% compared to last year. At the Indore spot market soyoil edged down by -1.45 rupee to 791.3 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 797 after opening at 806.25, and finally settled at 798.7. For today's session market is looking to take support at 795.1, a break below could see a test of 791.4 and where as resistance is now likely to be seen at 804.3, a move above could see prices testing 809.9.

Trading Ideas:

Ref soyaoil trading range for the day is 791.4-809.9.

Ref Soyaoil ended lower due to profit booking tracking weakness in spot market demand.

Oilmeal exports in India rose by 22% in June 2012 to 3,05,525 tonnes

The country had exported 1.17 lakh tonnes of soya meal in last year same period

At the Indore spot market soyoil edged down by -1.45 rupee to 791.3 rupees 10 kgs.