Ref.Soya Oil settled down -2.04% at 634.6 on improved sowing in Madhya Pradesh the key growing state of the oilseed and on higher United States sowing. India soybean oil imports surged to record in the month of July on robust demand, data release from the Solvent Extractors Association (SEA) of India showed. Demand for soft oil is increasing over crude palm oil by refineries, which has reflected in pattern of import in last few months.  Soybean oil imports increased 30% to 306,068 tons in July compared to 234,650 tons in July 2013, SEA of India data showed.  India July edible oil imports jumped to 1.09 million tons compared 874,703 tons for the same period a year earlier, the SEA of India said.  India vegetable oil imports rose to 1.10 million tons for in July compared to 889,493 tons for the same period year ago, data showed.  Stocks of edible oil in ports and pipeline are estimated at 1.59 million tons as on Aug 1 compared to 1.9 million tons a year ago and 1.48 million tons in July. US farmers will harvest record soy crop of 3.816 billion bushels in August compared to 3.8 billion bushels in July while the yield is also likely to hit record of 45.4 bushels per acreage compared to 45.2 bushel per acreage a month ago, data from USDA showed.  At the Indore spot market in Madhya Pradesh, soyoil was steady at 648 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.2% to settled at 107935 while prices down -13.2 rupee, now Ref.Soya oil is getting support at 630 and below same could see a test of 625 level, And resistance is now likely to be seen at 643, a move above could see prices testing 651.

Trading Ideas:

Ref.Soya oil trading range for the day is 625-651.

Ref soyoil ended with losses on improved sowing in Madhya Pradesh the key growing state of the oilseed and on higher United States sowing.

India soybean oil imports surged to record in the month of July on robust demand, data release from the Solvent Extractors Association of India showed.

Soybean oil imports increased 30% to 306,068 tons in July compared to 234,650 tons in July 2013, SEA of India data showed.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 648 rupees per 10 kgs.