Ref. Soya oil settled down -0.09% at 668.6 tracking weakness in spot demand and overseas market. The domestic markets remained weak on steady supplies from importers amid poor demand in most mandis. The international markets moved south on steady supplies and favourable weather for soybean crops. As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period.

Pressure also seen amid revival of southwest monsoon in key oilseed growing regions. India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association reported in a data. India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association reported in a data. Farmers in key oilseed growing areas across India will start planting of soybean one-week after commencement of southwest rainfall. Soybean stockpiles in United States were better than expected at 405 million bushels compared to forecast of 387 million bushels, USDA data showed.

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 686.8 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -4.27% to settled at 145745 while prices down
-0.6 rupee, now Ref. Soya oil is getting support at 661 and below same could see a test of 653 level, And resistance is now likely to be seen at 675, a move above could see prices testing 681.

Trading Ideas:

Ref. Soya oil trading range for the day is 653-681.

Ref. Soya oil settled down -0.09% tracking weakness in spot demand and overseas market.

Prices remained weak on steady supplies from importers amid poor demand in most mandis.

The oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period

At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.8 rupees per 10 kgs.