Ref Soyaoil yesterday traded with the negative node and settled -0.86% down at 619.7 tracking weakness in spot demand amid weakness in overseas prices. Sources mentioned that the average daily arrivals of around 3.50-4 lakh bags have been reported in the major mandies of Madhya Pradesh (2.50 lakh bags) and Maharashtra (0.50-0.60 lakh bags). As per latest data compiled by Solvent Extractors' Association of India , the total exports of oil meals for the month of September 2012 were reported at 6525 tonnes , down 97.11% from the last year in the same period. This was mainly due to poor availability of soybean for crushing and poor demand from Iran due to elevated prices in international market. Indian soymeal export in August 2012 declined to 10,006 tonne compared with 1,65,408 tonnes in August, 2011. The primary reason was high price of soybean during the month and higher domestic demand. On a financial year basis, the export in April 2012 to August 2012 stood at 8,34,214 MT as compared with 9,02,930 MT in the same period last year. During current Oil year, (October - September), exports during October 2011 to August 2012 stood at 36,20,045 MT as against 39,00,777 MT last year. At the Indore spot market soyoil edged down -0.1 rupees to 656.15 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 618.3 after opening at 622.4, and finally settled at 619.7. For today's session market is looking to take support at 615.5, a break below could see a test of 611.4 and where as resistance is now likely to be seen at 626.6, a move above could see prices testing 633.6.

Trading Ideas:

Ref soyaoil trading range for the day is 611.37-633.57.

Refined Soya Oil dropped tracking weakness in spot demand amid weakness in overseas prices.

The total exports of oil meals for the month of September 2012 were reported at 6525 tonnes

Average daily arrivals of around 3.50-4 lakh bags have been reported in the major mandies of Madhya Pradesh

At the Indore spot market soyoil edged down by -0.1 rupee to 656.15 rupees 10 kgs.