Ref. Soyaoil pared gains on profit booking earlier after gaining on improved demand in export market following USDA weekly sales data. According to USDA weekly export sales report till Aug 18 is around, exports were at 10,700 tons up by 79% from the previous week but down by 48% from prior 4 week average Meanwhile, the U. S. Department of Agriculture's monthly report on oilseed crushing will likely show that 4.596 million short tons, or 153.2 million bushels of soybeans were processed in July. India oilmeal exports in the month of July jumped 99% from a year earlier while exports during Apr-Jul fell 47% on higher prices and lower production of the bean in the domestic market, data released from Solvent Extractors Association of India (SEA) showed. India's total oilmeal exports climbed to 87,944 tons in July compared to 44,238 tons a year earlier. According to National Oilseed Processors Association (NOPA), U. S. July soybean crush fell to 143.715 million bushels from 145.050 million bushels in June, down by 1 percent m-o-m. Crush of soybean in July 2015 was 145.227 million bushels. Production of soy oil in U. S. in July fell marginally to 1.687 billion lbs from 1.692 billion lbs in June 2016. Production in July 2015 was 1.632 billion lbs. Soy oil stocks in U. S. at the end of July fell by 12.2 percent to 1.743 billion lbs compared to 1.985 billion lbs in June 2016. Technically market is under long liquidation as market has witnessed drop in open interest by -4.55% to settled at 51170 while prices down -0.25 rupee, now Ref. Soya oil is getting support at 643 and below same could see a test of 641 level, And resistance is now likely to be seen at 648, a move above could see prices testing 651.

Trading Ideas:

Ref. Soya oil trading range for the day is 641-651.

Ref soyoil pared gains on profit booking earlier after gaining on improved demand in export market following USDA weekly sales data

According to USDA weekly export sales report till Aug 18 is around, exports were at 10,700 tons up by 79% from the previous week

The U. S. Department of Agriculture's monthly report on oilseed crushing will likely show that 4.596 million short tons.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 633.75 rupees per 10 kgs.