Ref. Soya oil settled up 0.72% at 689 tracking bullish soybean complex and strong rupee to restrict imports. Soybean oil imports surged more than double to 53,500 tons in December compared to 21,960 tons a year ago, the data showed. India's soymeal exports may fall short of forecast 4 million tons in the oil year on higher price of soybean. Edible oil imports surged to 1.05 million tons in December compared to 883,489 tons for the same period year ago, data release from the Solvent Extractors Association (SEA) of India. Soybean oil imports surged more than double to 53,500 tons in December compared to 21,960 tons a year ago, the data showed. Edible oil imports surged to 1.05 million tons in December compared to 883,489 tons for the same period year ago, data release from the Solvent Extractors Association (SEA) of India. Domestic soya oil futures dropped by one per cent, tracking global markets. Local refineries reduced their rates for palmolein, but the response was poor. The volume was almost nil as stockists kept away. During the day, hardly 50-60 tonnes were traded. There was no direct trade at local refineries despite their cheap offerings. At the Indore spot market in Madhya Pradesh, soyoil was steady at 699.1 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -11.86% to settled at 79440 while prices up 4.95 rupee, now Ref. Soya oil is getting support at 686 and below same could see a test of 683 level, And resistance is now likely to be seen at 691, a move above could see prices testing 693.

Trading Ideas:

Ref. Soya oil trading range for the day is 683-693.

Ref soyoil ended with gains tracking bullish soybean complex and strong rupee to restrict imports.

Soybean oil imports surged more than double to 53,500 tons in December compared to 21,960 tons a year ago.

India's soymeal exports may fall short of forecast 4 million tons in the oil year on higher price of soybean.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 699.1 rupees per 10 kgs.