Ref.Soya oil on NCDEX settled down -0.43% at 623.1 on hope of increasing supply in near term and higher stockpiles. Prices of oil were down on higher supply as inventories with traders and stockiest is sufficient and they have opted to buy as per requirements to cater retail demand. Moreover, soyoil stock at various ports of the country totalled at March 20 at 121,000 tons as compared to 94,000 tons a week ago, which is sufficient to meet the demand. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 0.35% to settled at 53890 while prices down -2.7 rupees, now Ref.Soya oil is getting support at 621 and below same could see a test of 619 level, And resistance is now likely to be seen at 627, a move above could see prices testing 631.

Trading Ideas:

# Ref.Soya oil trading range for the day is 619-631.

# Ref soyoil prices remained under pressure on hope of increasing supply in near term and higher stockpiles.

# Prices of oil were down on higher supply as inventories with traders and stockiest is sufficient.

# Imports have reduced due to a good kharif oilseed crop and better domestic availability of edible oils.

# At the Indore spot market in Madhya Pradesh, soyoil was steady at 643.35 Rupees per 10 kgs.