Ref.Soyaoil on NCDEX settled down by -0.58% at 619.25 on robust supply in local market along with lower tariff rates. Prices seen under pressure after 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 participant import of soybean oil for May is in parity of Rs 28-30 per 10 kilogram which will further put pressure on soy oil prices. Additionally, Celeres Consultancy raised its estimate of Brazil's soybean crop to 113.8 million tons from 109.65 million tons last month. Meanwhile, broker INTL FCStone also lifted its projection for the Brazilian crop to 111.6 million tons from 109.07 million tons previously. Moreover, Argentina's 2016-17 soy harvest accelerated in the past week despite heavy rains and floods in the western portion of the country's growing area, the Buenos Aires Grains Exchange said. India's oilmeal exports during financial year 2016-17 jumped 22% on strong demand from South Korea, Vietnam, France, Japan and Bangladesh, data released by Solvent Extractors Association of India (SEA) showed. India's total oilmeal exports during Apr-Feb spurted to 1.86 million tons compared to 1.52 million tons a year earlier. Meanwhile, investors will keep close watch on USDA's World Agriculture Demand Supply Estimates report to be release on Tuesday. At the Indore spot market in Madhya Pradesh, soyoil was steady at 637.55 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 0.89% to settled at 59990 while prices down -3.6 rupees, now Ref.Soya oil is getting support at 618 and below same could see a test of 616 level, And resistance is now likely to be seen at 622, a move above could see prices testing 624.

Trading Ideas:

Ref.Soya oil trading range for the day is 616-624.

Ref soyoil dropped on robust supply in local market along with lower tariff rates.

Prices seen under pressure after IGC in its report hiked soybean output forecast for 2016-17 by 5 million tons to 341 million tons.

India's total oilmeal exports during Apr-Feb spurted to 1.86 million tons compared to 1.52 million tons a year earlier.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 637.55 Rupees per 10 kgs.