Ref.Soya Oil settled down -0.26% at 681.6 on subdued exports of soymeal and weak cues from global markets. However, demand from crushers picking up in mandis across M.P & Maharashtra, capped some losses. As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 38.07 lakh hectares compared to 149.82 lakh hectares. However downside seen limited on lower sowing acreage due to delay in arrival of monsoon and fall in arrivals in the local mandis of  Madhya Pradesh major bean producing area. Southwest monsoon, the lifeline of Indian economy, started with a weak note as it reached Kerala on Jun 5 compared to Jun 1 normally and progressed slowly to other parts of the country. The international markets firmed on dwindling supplies ahead of the bumper crops and on speculation that dry weather in the U.S. Midwest through next week could potentially affect yields. Sowing is likely to be completed by the month-end and may be lower than last year due to delayed and weak rains. 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 686.5 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -8.63% to settled at 82245 while prices down -1.8 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 685, a move above could see prices testing 689.

Trading Ideas:

Ref.Soya oil trading range for the day is 677-689.

Ref soyoil ended with losses on subdued exports of soymeal and weak cues from global markets.

However, demand from crushers picking up in mandis across M.P & Maharashtra, capped some losses.

As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 38.07 lakh hectares compared to 149.82 lakh hectares.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 686.5 rupees per 10 kgs.