Ref. Soya oil settled up 0.24% at 699.65 tracking firmness in global prices and on poor availability of soybeans in spot markets. As per the latest release from Solvent Extractors' Association of India , Import of vegetable oils during January 2014 is reported at 905,814 tons compared to 1,157,130 tons in January, 2013, consisting of 871,527 tons of edible oils and 34,287 tons on non-edible oils i. e. down by 22%.However, the overall import of vegetable oils during Nov. '13 to Jan.'14 is reported at 2,917,832 tons compared to 2,766,088 tons i. e. up by 5%.US Department of Agriculture predicted last week that demand for the US oilseed from China, the largest global importer of the grain will increase. As per the latest release from the United States Department of Agriculture (USDA), the global soybean production for 2013/14 is projected higher at 287.69 million tonnes, up 0.82 million tonnes. The exports of the soybean projected higher at 109.32 million tonnes, up 0.07 million tonnes from the last month. Global soybean production is up with larger crops in Brazil and Paraguay more than offsetting a reduction in Argentina. 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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 697.45 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -4.6% to settled at 93850 while prices up 1.7 rupee, now Ref. Soya oil is getting support at 698 and below same could see a test of 696 level, And resistance is now likely to be seen at 703, a move above could see prices testing 706.

Trading Ideas:

Ref. Soya oil trading range for the day is 698-706.

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

India's soymeal exports fell 19.3 percent to 364,443 tonnes in January from a month earlier.

Import of vegetable oils during January 2014 is reported at 905,814 tons compared to 1,157,130 tons in January, 2013

At the Indore spot market in Madhya Pradesh, soyoil was steady at 697.45 rupees per 10 kgs.