Ref. Soya oil settled down -0.75% at 683.05 on weak soy product demand and bearish overseas cues. Export demand for soymeal is very weak. Oil mills are struggling to sign new contracts due to higher soybean prices. According to a latest update from the Central Organisation for Oil Industry & Trade (COOIT), last year's soybean crop revised downward to 107.00 lakh tons from 113.40 lakh tons. In the current year, in spite of sizable increase in area under soybean, the crop is lower than last year due to extensive damage both in term of quality and quantity due to heavy rain fall during end September also early October at the time of harvesting. COOIT sees the marketable soybean surplus this season at 89.80 lakh tonnes, down nearly 10% from 97 lakh tonnes last year. India's import of vegetable oil for November 2013 jumped by 35% to 944,309 tonnes from 700,371 tonnes in the same month last year, the Solvent Extractors' Association of India (SEA) announced today. The surge in imports is mainly attributed to the larger shipment of sunflower oil. SEA said during November 2013, palm oil import increased to 774,207 tonnes from 614,574 tonnes in November 2012- up nearly 26%. At the Indore spot market in Madhya Pradesh, soyoil was steady at 693 rupees per 10 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 1.77% to settled at 125220 while prices down -5.15 rupee, now Ref. Soya oil is getting support at 680 and below same could see a test of 677 level, And resistance is now likely to be seen at 688, a move above could see prices testing 693.

Trading Ideas:

Ref. Soya oil trading range for the day is 678-692.

Ref soyoil ended with losses on weak soy product demand and bearish overseas cues.

Export demand for soymeal is very weak. Oil mills are struggling to sign new contracts due to higher soybean prices.

According to a latest update from COOIT, last year's soybean crop revised downward to 107.00 lakh tons from 113.40 lakh tons

At the Indore spot market in Madhya Pradesh, soyoil was steady at 693 rupees per 10 kgs.