Ref. Soya oil settled down -0.71% at 682.15 as expectations of higher output from the major producing belts weighed on prices. Hope of higher demand for soyaoil during the ensuing marriage season capped the losses to some extent. In winter demand for soybean oil is robust as it doesn't coagulate in extreme low temperature. India's oilmeals export fell by 47% during last month to 4.25 lakh tonnes due to lower crushing of soyabean, according to industry data. Oilmeals export stood at 7.98 lakh tonnes in the year-ago period. "Export of oilmeals is down in January 2014 due to disparity in soyabean crushing which lead to lower processing of soyabean and availability of soyameal for export," Solvent Extractors' Association of India (SEA) said in a statement. Soyameal exports fell to 3.64 lakh tonnes in January 2014 from 6.5 lakh tonnes in the same month last year, the data showed. During April-January of this fiscal, oilmeals export fell by 4% to 36.16 lakh tonnes as compared to 37.56 lakh tonnes in the corresponding period of previous year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 688.35 rupees per 10 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.7% to settled at 107750 while prices down -4.85 rupee, now Ref. Soya oil is getting support at 680 and below same could see a test of 679 level, And resistance is now likely to be seen at 684, a move above could see prices testing 687.

Trading Ideas:

Ref. Soya oil trading range for the day is 678-686.

Ref soyoil ended with loss as expectations of higher output from the major producing belts weighed on prices

Hope of higher demand for soyaoil during the ensuing marriage season capped the losses to some extent.

In winter demand for soybean oil is robust as it doesn't coagulate in extreme low temperature.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 688.35 rupees per 10 kgs.