Ref Soyaoil yesterday traded with the positive node and settled 0.19% up at 698.5 tracking gains in spot demand on a weak rupee. As per the data released by SEA of India, the export of oil meals during April 2013 is heavily reduced to 199,168 tons compared to 403,090 tons in April 2012 i.e. down by 51% mainly due to disparity in crushing and high prices of soybean resulted into less availability for the export. Oil mills are expecting an improvement in demand due to Ramadan in the coming weeks from bulk consumers. Demand for edible oil usually rises during Ramadan, the Muslim month of fasting, which starts this year on July 9 and will be followed by three days of celebration after it ends on Aug. 7. India's soymeal exports in April sank 67 percent from a month ago to 99,451 tonnes, dropping for a third straight month as farmers held back stocks in a move that tightened supply and boosted prices of the animal feed. Indian farmers are expected to increase soybean planting in 2013/14, encouraged by a rally in prices and the need to cultivate a sturdy crop to prepare for the possibility of an unhelpful monsoon season. At the Indore spot market soyoil edged down  -2.45 rupees to 725.5 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 697.5 after opening at 697.5, and finally settled at 698.5. For today's session market is looking to take support at 697, a break below could see a test of 695.4 and where as resistance is now likely to be seen at 700.6, a move above could see prices testing 702.7.

Trading Ideas:

Ref soyaoil trading range for the day is 695.4-702.7.

Ref soyaoil ended with gains tracking gains in spot demand on a weak rupee.

The export of oil meals during April 2013 is heavily reduced to 199,168 tons compared to 403,090 tons in April 2012

India's soymeal exports in April sank 67 percent from a month ago to 99,451 tonnes, dropping for a third straight month.

At the Indore spot market soyoil edged down by -2.45 rupee to 725.5 rupees 10 kgs.