Ref.Soya Oil settled down -0.85% at 626.2 on expectation of higher inflow globally due to record soya and palm oil output. Steady increase in sowing area coupled with bearish palm oil sentiments hitting the market sentiments. Pressure also seen on higher sowing in Madhya Pradesh, the major bean producing state and tracking global cues. Soybean pods setting was at 83% while 95% of the Soybean blooming was reported, United States Department of Agriculture data showed. 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.   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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 641.75 rupees per 10 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.08% to settled at 97485 while prices down -5.4 rupee, now Ref.Soya oil is getting support at 618 and below same could see a test of 610 level, And resistance is now likely to be seen at 634, a move above could see prices testing 642.

Trading Ideas:

Ref.Soya oil trading range for the day is 610-642.

Ref soyoil ended with losses on expectation of higher inflow globally due to record soya and palm oil output.

Steady increase in sowing area coupled with bearish palm oil sentiments hitting the market sentiments.

India soybean oil imports surged to record in the month of July on robust demand.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 641.75 rupees per 10 kgs.