Ref. Soya Oil settled up 0.77% at 664.95 tracking firmness in spot demand and soybean prices amid short covering. Oilmeal exports have almost halved to 153,761 tonne in May from 298,310 tonnes in the same period last year. The drop was largely due to a sharp spike in soyabean prices, leading to a delay in crushing, and lower availability of oilmeal for exports. Total oilmeal export between April-May 2014 was down 21 per cent at 390,596 tonne (495,864 tonnes). Oilmeal export to Iran was down 57 per cent in the last two months at 63,115 tonne (148,234 tonne). Consignment to Iran consists of 35,500 tonne of soyabean meal and 27,615 tonne of rapeseed meal. South Korea imported 161,241 tonne as compared to 198,367 tonne, down 18 per cent, while Thailand imported 41,800 tonne of rapeseed meal and 750 tonne of soyabean meal. India's vegetable oils import rose by 27% to 8.32 lakh tonne in April this year on account of sharp increase in shipment of crude palm oil (CPO) and crude soft oils, industry body SEA said. Vegetable oils import stood at 6.54 lakh tonne in the same month of the previous year, it said in a statement. India meets about 60% of its annual vegetable oil demand of 17-18 million tonne via imports. Palm oils make up 80% of the country's total vegetable oil imports. At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.65 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -1.82% to settled at 178500 while prices up 5.1 rupee, now Ref. Soya oil is getting support at 658 and below same could see a test of 652 level, And resistance is now likely to be seen at 668, a move above could see prices testing 672.

Trading Ideas:

Ref. Soya oil trading range for the day is 652-672.

Ref soyoil ended with gains tracking firmness in spot demand and soybean prices amid short covering.

Oilmeal exports have almost halved to 153,761 tonne in May from 298,310 tonnes in the same period last year.

The drop was largely due to a sharp spike in soyabean prices, leading to a delay in crushing, and lower availability of oilmeal for exports.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.65 rupees per 10 kgs.