Ref Soyaoil yesterday traded with the positive node and settled 0.21% up at 799.7 on late short covering. In the domestic markets, as on 24th August Oilseeds have been sown in 164.29 lakh hectares so far, compared with 169.94 lakh hectares same period last year. Soybean area is higher at 106.4 lakh hectares. In 2011-12 season, soybean was sown under 102.9 lakh hectares area and recorded 12.28 million tonne output, down from 12.73 mn tn in 2010-11 season. There are good rains in Madhya Pradesh, the main factor weighing on prices, and even international markets are down. SEA of India released the data of vegetable oil import for the period for November to July 2012. Import of Vegetable oils (edible & non-edible) during first nine months of current oil year indicates 20.22% increase. This provided some bearish signal to the market. U. S. oilseed production for 2012/13 is projected at 83.4 million tons, down 9.4 million from last month, as a lower soybean production estimate is only partly offset by higher crops of peanuts and cottonseed. At the Indore spot market soyoil edged down -5.3 rupees to 788.35 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 793.1 after opening at 798, and finally settled at 799.7. For today's session market is looking to take support at 794.8, a break below could see a test of 790 and where as resistance is now likely to be seen at 802.8, a move above could see prices testing 806.

Trading Ideas:

Ref soyaoil trading range for the day is 789.97-805.97.

Ref Soyaoil yesterday traded with the positive node on late short covering.

Oilseeds have been sown in 164.29 lakh hectares so far, compared with 169.94 lakh hectares

There are good rains in MP, the main factor weighing on prices, and even international markets are down

At the Indore spot market soyoil edged down by -5.3 rupee to 788.35 rupees 10 kgs.