Ref. Soyaoil on NCDEX settled up by 0.11% at 672.3 on late short covering after prices seen under pressure on oversupply woes in global market. Further kept pressure on soyoil was lower tariff rates decided by government. India hikes tariff value of soyoil to $853 per tons compared to $845 per tons earlier. Government fixes import tariff value to curb under invoicing and it is revised fortnightly taking into account global rates. The USDA data releases said 264,000 tonnes of U. S. soybeans were sold to China and that another 2.87 million tons of US soybeans were inspected last week for export. Oilmeal exports for September fell 35 per cent to 90,907 tonnes from 1,39,649 tonnes in the corresponding period last year. For the first half of the current financial year, cumulative shipments were down 44 per cent at 4,21,741 tonnes over the year-ago period on account of lower availability of seeds for crushing and continued disparity in prices in international markets, the Solvent Extractors Association of India said in a statement. April-September shipments to South Korea, the largest buyer of Indian meal, were reported at 329,464 tonnes - 32 per cent lower than the 481,827 tonnes in corresponding period last year. India 2016-17 edible production may rise 20% on favourable weather condition this year. Domestic edible oil production 2016-2017 is seen at 6.97 million tons compared to 5.82 million tons last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 667.25 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.45% to settled at 53880, now Ref. Soya oil is getting support at 663 and below same could see a test of 653 level, And resistance is now likely to be seen at 678, a move above could see prices testing 683.

Trading Ideas:

Ref. Soya oil trading range for the day is 653-683.

Ref soyoil gains on late short covering after prices seen under pressure on oversupply woes in global market.

India hikes tariff value of soyoil to $853 per tons compared to $845 per tons earlier.

India 2016-17 edible production may rise 20% on favourable weather condition this year.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 667.25 rupees per 10 kgs.