Ref.Soya Oil settled up 0.24% at 567.75 on short covering tracking firmness in spot demand. Indian soymeal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives, as poor supplies and high prices of the animal feed drive traditional buyers away from the leading Asian supplier. India's soymeal exports in August fell to 2,778 tonnes compared with 183,965 tonnes a year ago. Prices in overseas also dropped pressured by expectations of a record production and easing fears about frost in the Midwest. India’s oilmeal exports have seen a fall of 36 per cent from April to August, according to data released by Solvent Extractors’ Association of India. Exports fell to 864,929 tonnes, compared to 1.3 million tonnes during the same period last year, due to a lower crop of soybean available for crushing. During August, oilmeal export was 133,404 tonnes compared to 317,161 tonnes last year, a fall of 58 per cent. Soybean production last year was estimated to be around eight million tonnes. Soymeal exports from India in August 2014 were down to 2,778 tonne compared with 183,965 tonne in the corresponding month last year, according to Soybean Processors Association of India (SOPA). At the Indore spot market in Madhya Pradesh, soyoil was steady at 614.25 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 4.77% to settled at 114495 while prices up 1.35 rupee, now Ref.Soya oil is getting support at 563 and below same could see a test of 560 level, And resistance is now likely to be seen at 571, a move above could see prices testing 576.

Trading Ideas:

Ref.Soya oil trading range for the day is 560-576.

Ref.Soya oil settled up on short covering tracking firmness in spot demand.

Prices in overseas also dropped pressured by expectations of a record production and easing fears about frost in the Midwest.

India’s oilmeal exports have seen a fall of 36 per cent from April to August, according to data released by SEA.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 614.25 rupees per 10 kgs.