Ref. Soyaoil on NCDEX settled down by -0.18% at 647.4 on profit booking after price seen supported amid hopes of strong demand for festivals and wedding season. Pressure also seen amid higher imports of edible oil in Feb and cut in base import prices for edible oil. According to data released by the Solvent Extractors' Association of India (SEA), India's edible oil imports rose 15.8% on year to 1.23 mt in February. The government has cut the base import price of soyoil by $9 per tonnes for second half of March. The base import price of crude soyoil is now at $805 from $879 during Feb first half. India imported 17 per cent more vegetable oil in February 2017 at 1,270,443 tonnes, compared to 1,082,009 tonnes in the corresponding month last year. However, so far in the current oil year (November to October), vegetable oil imports have declined by a modest 8 per cent to 4,680,451 tonnes (November 2016-February 2017 period) as against 5,098,400 tonnes in the corresponding period last year. Imports have reduced due to a good kharif oilseed crop and better domestic availability of edible oils. Also, the currency crunch hampered consumer purchases during the first quarter of the oil year, noted the Solvent Extractors Association of India (SEA), in a statement issued. India's booming edible oil imports are expected to decline or hold flat in the year to October 2017. At the Indore spot market in Madhya Pradesh, soyoil was steady at 655.35 Rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -9.15% to settled at 44010 while prices down -1.15 rupees, now Ref. Soya oil is getting support at 646 and below same could see a test of 643 level, And resistance is now likely to be seen at 653, a move above could see prices testing 657.

Trading Ideas:

# Ref. Soya oil trading range for the day is 643-657.

# Ref soyoil prices dropped on profit booking after price seen supported amid hopes of strong demand for festivals

# Pressure also seen amid higher imports of edible oil in Feb and cut in base import prices for edible oil.

# India imported 17 per cent more vegetable oil in February 2017 at 1,270,443 tonnes, compared to 1,082,009 tonnes.

# At the Indore spot market in Madhya Pradesh, soyoil was steady at 655.35 Rupees per 10 kgs.