Ref Soyaoil yesterday traded with the positive node and settled 1.32% up at 793.05 up on weak sowing in the ongoing Kharif season amid bargain buying support. Global oilseed output may jump 8.4 percent to 471.9 million tons in the year that will begin Sept. 1 as South American soybean harvests recover from the previous year's drought, researcher Oil World said June 26. Reserves may drop to 54.7 million tons on Aug. 31, before rising the following year to 61.7 million tons. The dry weather in the U. S. may hurt developing soybeans, especially if it persists until August, when plants enter the pod-setting and filling stages, it said. India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago, the Solvent Extractors' Association of India said in a statement. Madhya Pradesh and Maharashtra are the top two soybean producers in the country accounting for more than 85 percent of the total production. Both states received sharply lower rainfall than average in June, delaying sowing. In the past few days they have received good rainfall and sowing has been picking up. At the Indore spot market soyoil edged up by 10.55 rupee to 774 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 783.65 after opening at 783.65, and finally settled at 793.05. For today's session market is looking to take support at 785.9, a break below could see a test of 778.7 and where as resistance is now likely to be seen at 798.1, a move above could see prices testing 803.1.

Trading Ideas:

Ref soyaoil trading range for the day is 778.65-803.05.

Ref soya oil ended the last day up on weak sowing in the ongoing Kharif season amid bargain buying support.

Global oilseed output may jump 8.4 percent to 471.9 million tons in the year that will begin Sept. 1

Reserves may drop to 54.7 million tons on Aug. 31, before rising the following year to 61.7 million tons

At the Indore spot market soyoil edged up by 10.55 rupee to 774 rupees 10 kgs.