Ref Soyaoil yesterday traded with the positive node and settled 0.67% up at 711.15 tracking firmness in spot demand and overseas prices as gained on threat of planting delay due to recent heavy rains in the Midwest region. Oilseed spot prices were down as the on-time arrival of monsoon rains brightened due to favourable weather conditions over the southern Kerala coast. Timely progress of the monsoon over soybean-growing areas of central India will boost prospects of better output for the main summer season oilseed crop by giving sufficient time to mature. In United States soybean sowing has been started. Farmers have sown nearly 2% of estimated area as against 22% during same period of last year. Soybean production in Argentina and Brazil is kept unchanged at 515 and 835 lakh tons respectively, according to the data released by the United States Department of Agriculture
(USDA). India's soy meal exports M/M fell 67% in April 2013, according to the Solvent Extractors' Association of India (SEA of India). US soybean crop is expected at a record 3.39 bn bushels, up from 3.015 bn harvested a year earlier, as per USDA (United States Department of Agriculture) estimates. The stock-piles is expected to rise to 265 mn bushels on 31st August 2014. At the Indore spot market soyoil edged down -0.15 rupees to 726.8 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 707 after opening at 707.8, and finally settled at 711.15. For today's session market is looking to take support at 708.2, a break below could see a test of 705.2 and where as resistance is now likely to be seen at 713, a move above could see prices testing 714.8.

Trading Ideas:

Ref soyaoil trading range for the day is 705.18-714.78.

Ref soyaoil ended with gains tracking firmness in spot demand and overseas prices.

Timely progress of the monsoon over soybean-growing areas of central India will boost prospects of better output.

Oilseed spot prices were down as the on-time arrival of monsoon rains brightened due to favourable weather conditions.

At the Indore spot market soyoil edged down by -0.15 rupee to 726.8 rupees 10 kgs.