Ref Soyaoil yesterday traded with the negative node and settled -0.21% down at 762.7 due to profit-taking driven by hopes that farmers will raise acreage under the crop weighed on sentiment. Farmers are very interested in soybean sowing due to record high prices, but monsoon is not supporting. Currently sowing is lagging due to poor rainfall. The situation will change if central India gets good rains in the next two weeks. India's soybean acreage is likely to rise by 7 percent in 2012/13 as record high prices for the oilseed prompt farmers to plant more, an industry official said. A likely squeeze in world supplies due to bad weather in key producing countries has been supporting the oilseed market. At the Indore spot market soyoil edged up by 3.25 rupee to 750.75 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 760.85 after opening at 766.2, and finally settled at 762.7. For today's session market is looking to take support at 760, a break below could see a test of 757.2 and where as resistance is now likely to be seen at 766.4, a move above could see prices testing 770.
Ref soyaoil trading range for the day is 757.12-769.92.
Ref soyaoil ended weak due to profit-taking driven by hopes that farmers will raise acreage under the crop.
Farmers are very interested in soybean sowing due to record high prices, but monsoon is not supporting
India's soybean acreage is likely to rise by 7 percent in 2012/13
At the Indore spot market soyoil edged up by 3.25 rupee to 750.75 rupees 10 kgs.
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