Ref. Soya oil settled down -0.52% at 685.7 on higher supplies of the edible oil amid profit booking by the investors. Soybean supplies are limited in the spot market and demand is robust from oil mills. The correction in overseas edible oil prices is putting pressure on local oilseeds. Demand is moderate for edible oils. A weaker rupee makes edible oil imports expensive but raises returns of oilmeal exporters. 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. 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 the Solvent Extractors Association (SEA) of India. India vegetable oil imports rose to 1.06 tons for in December compared to 908587 tons for the same period year ago, data showed. Stocks of edible oil in ports and pipeline are estimated at 1.59 million tons as on Jan 1 compared to 1.47 million tons ago a month ago and 1.46 million tons a year ago. At the Indore spot market in Madhya Pradesh, soyoil was steady at 698.25 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.94% to settled at 70480 while prices down -3.55 rupee, now Ref. Soya oil is getting support at 684 and below same could see a test of 683 level, And resistance is now likely to be seen at 688, a move above could see prices testing 691.

Trading Ideas:

Ref. Soya oil trading range for the day is 683-691.

Ref soyoil ended with losses on higher supplies of the edible oil amid profit booking by the investors.

Supplies are limited in the spot market and demand is robust from oil mills.

The correction in overseas edible oil prices is putting pressure on local oilseeds.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 698.25 rupees per 10 kgs.