Ref.Soya Oil settled up 0.79% at 698.1 tracking firmness in global prices and on poor availability of soybeans in spot markets. As per the latest monthly release from USDA, the global production of oilseeds is expected to increase by 3.50 million tonnes from the previous release to reach 505.85 million tonnes in 2013-14. This is mainly on the account of higher production of mustard seed and Soyabean. USDA estimated the total Soyabean production at 286.82 million tonnes , up 1.88 million tonnes from the last month. India 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 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. The US Department of Agriculture reported that US soybeans exporters shipped 72% of their production to China in the week ended February 6th. At the Indore spot market in Madhya Pradesh, soyoil was steady at 692.8 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -7% to settled at 98890 while prices up 5.5 rupee, now Ref.Soya oil is getting support at 695 and below same could see a test of 692 level, And resistance is now likely to be seen at 700, a move above could see prices testing 702.

Trading Ideas:

Ref.Soya oil trading range for the day is 691-703.

Ref soyoil ended with gains tracking firmness in global prices and on poor availability of soybeans in spot markets.

India's soymeal exports may fall short of forecast 4 million tons in the oil year on higher price of soybean.

The global production of oilseeds is expected to increase by 3.50 million tonnes from the previous release to reach 505.85 million tonnes in 2013-14

At the Indore spot market in Madhya Pradesh, soyoil was steady at 692.8 rupees per 10 kgs.