Ref.Soya Oil settled down -0.15% at 682 on late profit booking after prices seen supported on steady buying from traders and stockiest amid low supplies. Prices also seen supported as weak commencement of southwest monsoon hampered bean sowing in major bean producing area in the country. Soyoil imports fell to 99,682 tons in June compared to 138,849 tons in June 2013, the data from the SEA of India. Weak kharif oilseed sowing progress so far in the current year coupled with expected decline in arrivals (approach of lean season) too are likely to support the bullish sentiments. Soybean production may jump to 301.9 million tons from 284.11 million tons. Brazil’s harvest may climb to 90 million tons from 86.5 million and Argentina may gather 56 million tons from 55 million a year earlier. The inventories will be at a record 85.31 million tons. Combined stockpiles of oilseeds are forecast to rise to 104.2 million tons at the end of 2014-15 from 88.44 million tons the prior season. Palm oil production next season will probably increase at the slowest pace since 2009-10, climbing to 202.31 million tons in the year through September 2015 from 197.01 million tons a year earlier. Oilmeal exports have almost halved to 153,761 tonne in May from 298,310 tonnes in the same period last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 687.55 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -4.22% to settled at 106410 while prices down -1 rupee, now Ref.Soya oil is getting support at 679 and below same could see a test of 677 level, And resistance is now likely to be seen at 684, a move above could see prices testing 687.

Trading Ideas:

Ref.Soya oil trading range for the day is 677-687.

Ref soyoil settled flat on steady buying from traders and stockiest amid low supplies.

Prices also seen supported as weak commencement of southwest monsoon hampered bean sowing in major bean producing area in the country.

Soyoil imports fell to 99,682 tons in June compared to 138,849 tons in June 2013, the data from the SEA of India.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 687.75 rupees per 10 kgs.