Ref Soyaoil settled flat on weak exports of soymeal that offset slack local supplies from the new-season crop. India oilmeal exports in the first month of the New Year plunged 47% on year on weak crushing of soybean on lack of supplies. Export of oilmeals is down in January 2014, due to disparity in soybean crushing lead to lower processing and availability of soybean meal for export. The export of oilmeals during Apr-Jan dropped by 4% to 3.6 million tons compared to 3.75 million tons during the same period of last year. India soybean oilmeal exports dropped by 44% to 364,443 tons in January compared to 650,434 tons in January 2013, data from SEA of India showed. Soymeal exports fell 7% to 2.37 million tons in Apr-Jan period compared to 2.55 tons for the same period a year ago. Moderate pick up in domestic demand also supported the market sentiments. 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. Soybean oilmeal exports dropped 4.3% to 2.42 million tons in the Apr-Jan period compared to 2.53 million tons in the same period of previous year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.25 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.27% to settled at 106880 while prices up 0.2 rupee, now Ref. Soya oil is getting support at 677 and below same could see a test of 675 level, And resistance is now likely to be seen at 679, a move above could see prices testing 679.

Trading Ideas:

Ref. Soya oil trading range for the day is 675-679.

Ref Soyaoil ended with losses on weak exports of soymeal that offset slack local supplies from the new-season crop.

India oilmeal exports in the first month of the New Year plunged 47% on year on weak crushing of soybean on lack of supplies.

Export of oilmeals is down in January 2014, due to disparity in soybean crushing lead to lower processing and availability of soybean meal for export.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.25 rupees per 10 kgs.