Ref.Soya Oil settled down -0.06% at 681.6 on subdued exports of soymeal while weak cues from global markets also weighed on sentiment. 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. Refined soy oil ended on a weak tone with poor trading activity amid steady supplies. The international markets are under pressure due to good production estimates coming in from US, however, record imports from China are limiting the downside movement. Soybean buyers in China are increasing imports as demand for animal feed rises and falling prices boost processing margins. China bought about 2 million metric tons of the oilseed last week after prices declined earlier this month to the lowest in almost four years. Imports in the year beginning Oct. 1 may rise 7 percent to 73 million tons. The prices did dip during the later half following the cues of the international market due to favourable weather across US soybean growing belts. Soybean production may jump to 301.9 million tons from 284.11 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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.9 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -8.47% to settled at 97395 while prices down -0.4 rupee, now Ref.Soya oil is getting support at 677 and below same could see a test of 673 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 673-687.

Ref soyoil ended with losses on subdued exports of soymeal while weak cues from global markets also weighed on sentiment.

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

The international markets are under pressure due to good production estimates coming in from US.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.9 rupees per 10 kgs.