Ref Soyaoil yesterday traded with the negative node and settled -0.54% down at 785.65 tracking weakness in spot market demand. In India, Oilseeds have been sown in 26.55 lakh hectares so far, compared with 37.35 lakh hectares same period last year. Soybean sowing is down by 25.5% compared to last year. According to the Solvent Extractors' Association of India, Soymeal exports rose to 180,987 tonnes in June from 117,600 tonnes a year ago. According to the weekly US crop progress report, 40% of the Soybean crop is in good to excellent condition compared with 45% a week ago and 66% a year ago period. According to the agriculture meteorologist, Cooler weather is expected in the U. S. Midwest corn and soybean growing region but the moderate temperatures, accompanied by some rainfall in the south, will arrive too late to save some of the already damaged crops. As per latest release from China's General Administration of Customs, the total June edible oil imports in China spurted by 15% from the same month in last year, and 17% from May to 5.40 lakh metric tonnes. While the total imports during January to June reported at 3.27 million tonnes, up 21% from the last year in the same month. At the Indore spot market soyoil edged up by 1.3 rupee to 775.3 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 780.5 after opening at 785, and finally settled at 785.65. For today's session market is looking to take support at 780.4, a break below could see a test of 775.1 and where as resistance is now likely to be seen at 791.1, a move above could see prices testing 796.5.
Ref soyaoil trading range for the day is 775.08-796.48.
Ref soyaoil ended with weak trend tracking weakness in spot market demand.
Oilseeds have been sown in 26.55 lakh hectares so far, compared with 37.35 lakh hectares same period last year
Soymeal exports rose to 180,987 tonnes in June from 117,600 tonnes a year ago
At the Indore spot market soyoil edged up by 1.3 rupee to 775.3 rupees 10 kgs.
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