Ref soyaoil ended with small gains as gains were limited as sluggish demand outweighed gains in overseas markets. Weak soymeal exports are weighing on sentiments. India's soymeal exports in April sank 67 percent from a month earlier 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. As per the latest monsoon report, the date of monsoon onset is 3rd of June which means that it is likely to be delayed by 2 days. However as of now no significant impact is there but news of any further delay may support the market sentiments. As per the data released by SEA of India, the export of oilmeals 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. Vegetable oil imports declined by over 29 per cent to 6.54 lakh tonnes in April as inventories piled up on sluggish local demand. The country had imported 9.25 lakh tonnes in the same month last year. Imports slowed down in April as inventory was huge due to excessive purchase of vegetable oils from the global market in the last five months. At the Indore spot market soyoil edged down -1.65 rupees to 724.75 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 696.6 after opening at 701.5, and finally settled at 700. For today's session market is looking to take support at 697.2, a break below could see a test of 694.5 and where as resistance is now likely to be seen at 702.1, a move above could see prices testing 704.3.

Trading Ideas:

Ref soyaoil trading range for the day is 694.47-704.27.

Ref soyaoil ended with small gains as gains were limited as sluggish demand outweighed gains in overseas markets.

India's soymeal exports in April sank 67 percent from a month earlier to 99,451 tonnes.

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

At the Indore spot market soyoil edged down by -1.65 rupee to 724.75 rupees 10 kgs.