Ref Soyaoil yesterday traded with the negative node and settled -3.28% down at 606.4 hammered by weak demand in the local spot markets. Demand should rise due to festivals, but the continued fall in prices is prompting stockists to postpone purchases. India's 2012/13 edible oil imports could rise 4.2 percent to a record high, with palm oil cornering the bulk of that. Soybeans arrivals have started in the top producing Madhya Pradesh state and are likely to rise significantly this month and peak in November. India is likely to produce 11.5 million tonnes of soybeans in 2012/13, compared with 10.5 million tonnes a year earlier, while its rapeseed output in the current year is likely to climb nearly 25 percent to 6.5 million tonnes. India is likely to produce 11.5 million tonnes of soybeans in 2012/13, compared with 10.5 million tonnes a year earlier, while its rapeseed output in the current year is likely to climb nearly 25 percent to 6.5 million tonnes. At the Indore spot market soyoil edged down -28.5 rupees to 652.05 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 601.9 after opening at 610, and finally settled at 606.4. For today's session market is looking to take support at 598, a break below could see a test of 589.7 and where as resistance is now likely to be seen at 618.6, a move above could see prices testing 630.9.

Trading Ideas:

Ref soyaoil trading range for the day is 589.67-630.87.

Ref soyaoil ended lower hammered by weak demand in the local spot markets.

Demand should rise due to festivals, but the continued fall in prices is prompting stockists to postpone purchases.

India is likely to produce 11.5 million tonnes of soybeans in 2012/13, compared with 10.5 million tonnes

At the Indore spot market soyoil edged down by -28.5 rupee to 652.05 rupees 10 kgs.