Ref. Soyaoil settled flat as pressure seen on prices tracking weakness in spot demand and on good supplies. Moreover, the tariff value of crude soyoil was reduced by $23 per tonnes to $869 for the second fortnight of January, which is the second consecutive reduction in three months by the government. India's edible oil imports fell nearly 17% on year to 1.17 mt in December, according to data released by the Solvent Extractors' Association of India. India import of soybean oil has declined to 2.32 lt in Dec from 4.90 lt in the year-ago period as supplies of soybean is good at lower prices. According to National Oilseed Processors Association (NOPA), U. S. December soybean crush fell marginally to 160.176 million bushels from 160.752 million bushels in November. Crush of soybean in December 2015 was 157.711 million bushels. Production of soy oil in U. S. in December fell to 1.861 billion lbs from 1.856 billion lbs in November 2016. Production in December 2015 was 1.834 billion lbs. Soy oil stocks in U. S. at the end of December rose 7.1 percent to 1.434 billion lbs compared to 1.338 billion lbs in November 2016. Stocks of soy oil in December were lower by 3.2 percent compared to December 2015, which was reported at 1.481 million lbs. Yield rose to 11.62 lbs/bushel in December from 11.55 lbs/bushel in November. Yield in December 2015 was reported at 11.63 lbs/bushel. At the Indore spot market in Madhya Pradesh, soyoil was steady at 726.25 rupees per 10 kgs. Technically now Ref. Soya oil is getting support at 718 and below same could see a test of 716 level, And resistance is now likely to be seen at 721, a move above could see prices testing 722.

Trading Ideas:

# Ref. Soya oil trading range for the day is 716-722.

# Ref. Soyaoil settled flat as pressure seen on prices tracking weakness in spot demand and on good supplies.

# Moreover, the tariff value of crude soyoil was reduced by $23 per tonnes to $869 for the second fortnight of January.

# India's edible oil imports fell nearly 17% on year to 1.17 mt in December, according to data released by the Solvent Extractors' Association of India.

# At the Indore spot market in Madhya Pradesh, soyoil was steady at 726.25 rupeess per 10 kgs.