Ref.Soyaoil on NCDEX settled down by -1.11% at 647.75 tracking weakness in spot demand and overseas prices. Cut in import tariff also pressurize the futures price. Domestic edible oil in 2016/17 will be 72.8 lt, up 25.5% compared to last year’s production of 58 lt. The government has cut the base import price of soyoil by $33 per tonnes for first half of March which is the steepest cut among other edible oils. The base import price of crude soyoil is now at $814. India's booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years, as near record domestic oilseed output boosts supplies, industry executives said. India, the world's biggest edible oil importer, is expected to purchase about 14 to 14.5 million tonnes of vegetable oil this year, compared with 14.5 million tonnes in 2015/16. India's edible oil purchases - mainly palm oil from Malaysia and Indonesia and soyabean oil from Argentina - have risen each year since 2010/11, according to U.S. Department of Agriculture data, growing at an average of around 11 per cent a year. B.V. Mehta, executive director of Solvent Extractors Association of India estimated Indian edible imports this year will fall to around 14 million tonnes this year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 670.5 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 5.33% to settled at 51010 while prices down -7.3 rupees, now Ref.Soya oil is getting support at 646 and below same could see a test of 643 level, And resistance is now likely to be seen at 653, a move above could see prices testing 657.

Trading Ideas:

Ref.Soya oil trading range for the day is 643-657.

Ref soyoil prices ended with losses tracking weakness in spot demand and overseas prices.

Domestic edible oil in 2016/17 will be 72.8 lt, up 25.5% compared to last year’s production of 58 lt.

India's booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 670.5 Rupees per 10 kgs.