Ref.Soya Oil settled flat tracking weakness in spot demand on improved sowing activity in Madhya Pradesh, major bean producing area after better monsoon conditions and rise in arrivals in local markets. The international also remained bearish with ample production estimates in the coming season. US soybean crop ratings of good to excellent condition stood at 73% for the week ended Jul 27 against 72% in the previous week, data by United States Department of Agriculture showed. Oilseeds acreage stood at 13.73 million hectare down from 16.97 million hectare a year ago due to lower sowing of soybean, a major kharif oilseed. With revival of monsoon over Madhya Pradesh, Maharashtra and other states, soybean sowing has commenced in full. 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. 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. 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 678.45 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.44% to settled at 112575, now Ref.Soya oil is getting support at 666 and below same could see a test of 662 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 662-676.

Ref soyoil dropped tracking weakness in spot demand on improved sowing activity in Madhya Pradesh.

Oilseeds acreage stood at 13.73 million hectare down from 16.97 million hectare a year ago due to lower sowing of soybean.

The international also remained bearish with ample production estimates in the coming season.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 678.45 rupees per 10 kgs.