Ref Soyaoil yesterday traded with the positive node and settled 0.24% up at 699.45 tracking gains in soyabean prices on low supplies and overnight overseas gains. The export of oilmeals during March 2013 is reported 430,407 tons compared to 628,337 tons in March 2012, a down by 32%, according to the Solvent Extractors Association of India (SEA). The total export of oilmeals during April 2012 to March 2013 reduced and reported at 4,846,013 tons compared to 5,599,098 tons during the same period of last year, down by 13%.China, the world's top soybean buyer, imported 3.84 million tons of the oilseed in March, up 32.4 percent from February but down 20.5 percent from a year ago as port congestion in Brazil delayed some shipments. However it is likely to import less this year, as per news sources. As per the data released by SEA of India, the export of oilmeals during March 2013 is reported 430,407 tons compared to 628,337 tons in March 2012 i. e. down by 32%. The total export of oilmeals during April 2012 to March 2013 has reduced and reported at 4,846,013 tons compared to 5,599,098 tons during the same period of last year i. e. down by 13%. At the Indore spot market soyoil edged up 2.15 rupees to 727.95 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 698.3 after opening at 700, and finally settled at 699.45. For today's session market is looking to take support at 697.7, a break below could see a test of 696 and where as resistance is now likely to be seen at 701.7, a move above could see prices testing 704.

Trading Ideas:

Ref soyaoil trading range for the day is 696.02-704.02.

Ref Soyaoil gained tracking gains in soyabean prices on low supplies and overnight overseas gains.

The export of oilmeals during March 2013 is reported 430,407 tons compared to 628,337 tons in March 2012, a down by 32%

Chin imported 3.84 mln tns of the oilseed in March, up 32.4 percent from February but down 20.5 percent from a year ago

At the Indore spot market soyoil edged up by 2.15 rupee to 727.95 rupees 10 kgs.