Ref. Soya oil settled up 0.18% at 689.3 tracking bullish soybean complex and weak rupee to increase 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 SEA. 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 SEA. India edible oil imports spurted 18% in the second month of the oil year starting Nov 1 on speculation of import duty hike, data release from SEA. Stocks of edible oil in ports and pipeline are estimated at 1.59 million tons as on now compared to 1.47 million tons ago a month ago and 1.46 million tons a year ago. According to a latest update from the 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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 700.65 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -3.12% to settled at 73480 while prices up 1.25 rupee, now Ref. Soya oil is getting support at 687 and below same could see a test of 685 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 686-692.

Ref soyoil gained tracking bullish soybean complex and weak rupee to increase 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 700.65 rupees per 10 kgs.