Commodity Trading Tips for Ref Soya oil by KediaCommodity

Ajay Kumar Kedia 6 February 2014

Ref Soya Oil Ref. Soya oil settled up 0.59% at 671 supported tracking upbeat global cues on improved demand for United States soy crop. Global cues for soybean is very positive on back of improved US bean demand. Weather concern in top producer Madhya Pradesh led to lower crop estimates too supported the commodity, though expectation of higher output from the major producing belts capped the gains in soyabean prices to some extent. 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. 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 SEA of India. Brazil's soy exports will likely set a new high for the month of February due to strong demand and early harvesting of a record crop. Secondly, the crisis in Argentina economy can impact the supplies in coming months. At the Indore spot market in Madhya Pradesh, soyoil was steady at 689.15 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -4.21% to settled at 110810 while prices up 3.95 rupee, now Ref. Soya oil is getting support at 669 and below same could see a test of 667 level, And resistance is now likely to be seen at 673, a move above could see prices testing 675.