Ref. Soyaoil settled up by 0.13% at 591 on some buying support after prices dropped on weak demand for Indian meal in overseas and local market. Last week, the government official said that the Agriculture minister had prepared a cabinet note recommending hike in import duty on crude oil to 7.5% from 2.50% and on refined edible oil to 15% from 10%.Total U. S. oilseed production for 2014/15 is projected at 117.0 million tons, down slightly due to a small reduction in cottonseed. Global oilseed production for 2014/15 is projected at a record 530.7 million tons, up 1.8 million tons from last month. India's soyoil imports are expected to drop in 2014/15, as the world's top importer is set to harvest a bumper soybean crop aided by a late surge in the monsoon rains. The lower imports due to a forecast rise of nearly a fifth in India's domestic soyoil production could worsen an expected global glut of the oil due to better soybean crop conditions in the United States. That will weigh on soyoil prices which are already down 20 per cent this year. Improved production prospects amidst lack of demand and weakness in International markets too pressurized the market sentiments. At the Indore spot market in Madhya Pradesh, soyoil was steady at 587 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 1.28% to settled at 94430 while prices up 0.75 rupee, now Ref. Soya oil is getting support at 588 and below same could see a test of 587 level, And resistance is now likely to be seen at 591, a move above could see prices testing 593.

Trading Ideas:

Ref. Soya oil trading range for the day is 587-593.

Ref. Soyaoil settled up on some buying support after prices dropped on weak demand for Indian meal in overseas and local market.

Total U. S. oilseed production for 2014/15 is projected at 117.0 million tons, down slightly due to a small reduction in cottonseed.

Global oilseed production for 2014/15 is projected at a record 530.7 million tons, up 1.8 million tons from last month.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 587 rupees per 10 kgs.