Ref.Soya oil on NCDEX settled down -0.34% at 626.55 amid robust supply in local market along with lower tariff rates. International Grains Council in its report hiked soybean output forecast for 2016-17 by 5 million tons to 341 million tons and for 2017-18 output seen at 345 million tons. Moreover, according to market participants and traders soyoil port stock at various ports of the country totalled at 121,000 ton in the week ended on March 19 as compared to 94,000 tons a week ago, which is sufficient to meet the demand. For soyoil Indian importers, prices of oil in India are Rs 577 per 10 kilogram as compared to that cost from Argentina is Rs 570.61 per 10 kilogram. 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 1.97% to settled at 56970 while prices down -2.15 rupees, now Ref.Soya oil is getting support at 625 and below same could see a test of 623 level, And resistance is now likely to be seen at 629, a move above could see prices testing 631.

Trading Ideas:

# Ref.Soya oil trading range for the day is 623-631.

# Ref soyoil prices dropped amid robust supply in local market along with lower tariff rates.

# International Grains Council in its report hiked soybean output forecast for 2016-17 by 5 million tons to 341 million tons.

# India imported 17% more vegetable oil in February 2017 at 1,270,443 tonnes, compared to 1,082,009 tonnes in the corresponding month last year.

# At the Indore spot market in Madhya Pradesh, soyoil was steady at 639.85 Rupees per 10 kgs.