Ref soyaoil ended with flat node tracking a weak rupee and poor domestic supplies. Soyoil supplies from the local soybean crop have almost dried up as the oilseed crop awaits the new planting season that would start once the annual monsoon rains reach the main producing belts of central India. India grows soybean during the summer, while the new harvest will be ready only after the monsoon ends in September. Until then, the country has to rely on imports from Latin America to meet domestic demand. Soyoil futures are expected to remain on the higher side as local demand for marriages and festivals in the next couple of months will have to be sourced via imports. India's monsoon rains may arrive on the southern Kerala coast around June 3, a late debut that will raise fears any revival for drought-hit tracts of southern and western farmland could be delayed. 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 (lt) in the same month last year, according to the Solvent Extractors’ Association of India. The decline was led by the drop in palm oil imports. 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 up 1.15 rupees to 726.45 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 700.4 after opening at 703.45, and finally settled at 701.4. For today's session market is looking to take support at 698.8, a break below could see a test of 696.3 and where as resistance is now likely to be seen at 705.5, a move above could see prices testing 709.7.

Trading Ideas:

Ref soyaoil trading range for the day is 696.27-709.67.

Ref soyaoil settled flat tracking a weak rupee and poor domestic supplies.

Soyoil supplies from the local soybean crop have almost dried up as the oilseed crop awaits the new planting season

India grows soybean during the summer, while the new harvest will be ready only after the monsoon ends in September.

At the Indore spot market soyoil edged up by 1.15 rupee to 726.45 rupees 10 kgs.