Ref.Soyaoil settled down by -0.03% at 553.2 tracking weakness in spot demand and due to higher supply in global market. Soyoil prices were also down after India's soyoil imports jumped to 154,090 tons in June compared to 99,682 tons for the same period a year ago, data released by the SEA of India showed, indicating oversupply situation. India's total oilmeal exports plunged 86.06% to 18,410 tons in July compared to 132,102 tons a year earlier, on weak demand from Iran, Thailand, Vietnam, Taiwan, and Europe. The overall export of oilmeals during April-July 2015 fell 35.07% to 492,086 tons compared to 757,907 tons during the same period of last year. Soybean oilmeal exports dropped to 928 tons in July compared to 6,635 tons for the corresponding period a year earlier, data from SEA of India showed. Iran's oilmeal imports plunged 91.93% to 9,050 tons during April-July 2015 compared to 112,275 tons last year consisting of 9,050 tons of soybean meal only. Thailand's oilmeal imports slipped 82.20% to 13,558 tons during April-July 2015 compared to 76,208 tons a year earlier, consisting 10,500 tons of rapeseed meal, 1,238 tons of soybean meals and 1,820 tons of deoiled rice bran extraction. Oilseeds sowing rose to 12.71 million hectare from only 3.8 million hectare a year ago on the back of steep rise in soybean and groundnut acreage. At the Indore spot market in Madhya Pradesh, soyoil was steady at 575.45 rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 0.88% to settled at 93315 while prices down -0.15 rupee, now Ref.Soya oil is getting support at 551 and below same could see a test of 548 level, And resistance is now likely to be seen at 555, a move above could see prices testing 556.

Trading Ideas:

Ref.Soya oil trading range for the day is 548-556.

Ref soyoil ended with losses tracking weakness in spot demand and due to higher supply in global market.

Soyoil prices were also down after India's soyoil imports jumped to 154,090 tons in June compared to 99,682 tons for the same period a year ago.

India's total oilmeal exports plunged 86.06% to 18,410 tons in July compared to 132,102 tons a year earlier, on weak demand.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 575.45 rupees per 10 kgs.