Ref Soyaoil yesterday traded with the positive node and settled 1.2% up at 625.5 driven by a rise in overseas prices and an improvement in edible oil demand due to festivals. The overall import of non-edible oil of India during November 2011 to August 2012 at 175,609 tons compared to 246,052 tons during the same period of last year. India import of non-edible oils at 14,749 tons in August compared to 31,922 tons during the same period last year. Soymeal exports from India declined 12.21 % in Oil year 2011-12, according to Soybean Processors Association of India. During October 2011 to September 2012, India exported around 36,22,909 tonne soymeal compared with 41,26,699 tonne in the same period i. e. previous year. Increased domestic demand and low soybean availability in the last quarter of the Oil year were seen as reasons behind the drop in exports. In September 2012, India exported only 2,864 tonne soymeal compared with 2,25,962 tonne in the same period last year. On financial year basis, April to September 2012, India exported only 8,37,078 tonne soymeal compared with 11,28,852 tonne in the same period last year. At the Indore spot market soyoil edged up 4.3 rupees to 656.25 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 613.05 after opening at 615, and finally settled at 625.5. For today's session market is looking to take support at 617.1, a break below could see a test of 608.7 and where as resistance is now likely to be seen at 629.9, a move above could see prices testing 634.2.

Trading Ideas:

Ref soyaoil trading range for the day is 608.7-634.2.

Ref soyaoil gains driven by rise in overseas prices and an improvement in edible oil demand due to festivals.

The overall import of non-edible oil of India during November 2011 to August 2012 at 175,609 tons

India exported around 36,22,909 tonne soymeal compared with 41,26,699 tonne in the same period i. e. previous year

At the Indore spot market soyoil edged up by 4.3 rupee to 656.25 rupees 10 kgs.