Ref Soyaoil yesterday traded with the negative node and settled -1.74% down at 773.6 tracking weakness in spot demand amid weakness in other oilseed counters. India’s soyameal exports rose 21 per cent to 1,68,341 tonnes in July this year. The country had shipped 1,39,551 tonnes in the same month in 2011, Indore-based Soyabean Processors Association of India (SOPA) said in a statement. During April-July this year, exports rose 12 per cent to 8,24,208 tonnes from 7,37,522 tonnes in the four-month period of 2010-11. During October-July of the current oil year (October-September), soyameal exports fell 3 per cent to 36,10,040 tonnes compared with 37,35,369 tonnes in the same period of the 2010-11 oil year. India exports soyameal to Japan, Vietnam, Thailand, Indonesia and China, among others. The country is estimated to have harvested 12.28 million tonnes of soyabean in the 2011-12 crop year (July-June) against 12.73 mt in the year-ago period. At the Indore spot market soyoil edged down by -2.3 rupee to 775.1 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 771.75 after opening at 787, and finally settled at 773.6. For today's session market is looking to take support at 767.9, a break below could see a test of 762.2 and where as resistance is now likely to be seen at 783.2, a move above could see prices testing 792.7.

Trading Ideas:

Ref soyaoil trading range for the day is 762.2-792.7.

Ref Soyaoil ended lower tracking weakness in spot demand amid weakness in other oilseed counters.

India’s soyameal exports rose 21 per cent to 1,68,341 tonnes in July this year.

The country had shipped 1,39,551 tonnes in the same month in 2011

At the Indore spot market soyoil edged down by -2.3 rupee to 775.1 rupees 10 kgs.