Ref. Soya oil settled down -0.15% at 669.2 as rains in major growing areas of the country and US data weighed on prices. Farmers in key oilseed growing areas across India will start planting soybean one-week after commencement of rainfall. Prices also fell on expectation of weak global demand after robust output forecast and stockpiles in US. India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association reported in a data. The soy oil remained under pressure due to excess supplies from imports.

As per Solvent Extractors’ Association of India (SEA) data bank, there has been a significant increase in imports of Soy oil, sunflower oil & Rape oil and drop in imports of Palm oil, for last seven months of edible oil marketing year (Nov - Oct). India's monsoon became active and was expected to cover more parts of the country in next three-four days. Some parts of Gujarat received rains on Sunday with southwest monsoon advancing into some areas of Rajasthan and remaining parts of Madhya Pradesh which may help farmers to prepare their fields for oilseed sowing.

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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 681 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -6.23% to settled at 135225 while prices down -1 rupee, now Ref. Soya oil is getting support at
664 and below same could see a test of 658 level, And resistance is now likely to be seen at 673, a move above could see prices testing 676.

Trading Ideas:

Ref. Soya oil trading range for the day is 658-676.

Ref soyoil ended with losses as rains in major growing areas of the country and US data weighed on prices.

Farmers in key oilseed growing areas across India will start planting soybean one-week after commencement of rainfall.

Prices also fell on expectation of weak global demand after robust output forecast and stockpiles in US.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 681 rupees per 10 kgs.