Ref Soyaoil yesterday traded with the positive node and settled 3.67% up at 643 on rising demand for edible oils due to festivals. India's oil meal export falls 64% in September 2012, according to Solvent Extractors’ Association of India. The export is reported at 143,990 tons compared to 402,500 tons in September 2011. Total exports during April to September 2012 is also down by 24% and reported at 1,603,065 tons. Import of oil meal by South Korea from India rises to 459,303 tons during April to Sept.,2012. South Korea is one of the major importer of oilmeal from India and last year the import was 338,746 tons. The oil meal import of this year includes 51,162 tons of soybean meal, castor meal of 187,279 tons and 220,862 tons of rapeseed meal. Soybean arrivals are rising in spot markets, but supplies are lower than expected. Some farmers are holding back their produce due to the sharp fall in prices. Oil millers are aggressively crushing new season crop as they try to sell soyoil during the festival period. India's oilmeal exports fell to 143,990 tonnes in September from 402,500 tonnes a year earlier, led by a sharp drop in the overseas sales of soymeal and rapeseed meal. At the Indore spot market soyoil edged up 2.25 rupees to 658.4 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 622.2 after opening at 622.2, and finally settled at 643. For today's session market is looking to take support at 628.8, a break below could see a test of 614.7 and where as resistance is now likely to be seen at 650.5, a move above could see prices testing 658.1.

Trading Ideas:

Ref soyaoil trading range for the day is 614.67-658.07.

Ref Soyaoil ended with good gains on rising demand for edible oils due to festivals.

India's oil meal export falls 64% in September 2012, according to Solvent Extractors’ Association of India.

Soybean arrivals are rising in spot markets, but supplies are lower than expected.

At the Indore spot market soyoil edged up by 2.25 rupee to 658.4 rupees 10 kgs.