Ref. Soya oil settled up 0.24% at 670.2 as soybean sowing has been delayed in top producing central state of Madhya Pradesh due to scanty rainfall. However, post budget the prices picked up along with strong sentiments in palm oil and US markets. As per Solvent Extractors' Association of India (SEA) data bank, there has been a significant increase in imports of Soy oil, sunflower oil & Rape oil and drop in imports of Palm oil, for last seven months of edible oil marketing year (Nov - Oct).

As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period. Pressure also seen amid revival of southwest monsoon in key oilseed growing regions. India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association reported in a data. India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association reported in a data. Farmers in key oilseed growing areas across India will start planting of soybean one-week after commencement of southwest rainfall.

Soybean stockpiles in United States were better than expected at 405 million bushels compared to forecast of 387 million bushels, USDA data showed. technically market is under short covering as market has witnessed drop in open interest by -1.05% to settled at 144210 while prices up 1.6 rupee, now Ref. Soya oil is getting support at 667 and below same could see a test of 664 level, And resistance is now likely to be seen at 675, a move above could see prices testing 680.

Trading Ideas:

Ref. Soya oil trading range for the day is 663-681.

Ref soyoil ended with gains as soybean sowing has been delayed in top producing central state of Madhya Pradesh due to scanty rainfall.

However, post budget the prices picked up along with strong sentiments in palm oil and US markets.

The oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 685.4 rupees per 10 kgs.