Ref.Soyaoil settled down by -0.59% at 565.95 tracking weakness in spot demand amid oversupply woes. India's soyoil imports jumped to 349,436 tons in July, its highest since August 2001 and compared to 306,068 tons for the same period a year ago, data released by the SEA of India showed. Oilmeal exports dipped 42 per cent in August to 91,834 tonnes against 156,942 tonnes recorded in the same period last year. This was largely due to low realisation from processing soyabean and other oilseeds being sold at high prices in the domestic markets. Export of soyameal, once the largest constituent of shipments from India, has been sliding consistently and touched a low of 768 tonnes in August against 928 tonnes in July. The country's export of soyameal was down at 2,098 tonnes in June against 14,046 tonnes in May, while in April it was at 18,017 tonnes. In the first five months of this fiscal, the overall exports were down 33 per cent at 609,748 tonnes against 914,849 tonnes in the same period last year, according to the Solvent Extractors' Association statement. The USDA hiked US, the world's biggest bean grower, 2015-16 production estimates to 106.6 million tons compared to 105.7 in the previous month estimates and 108 million tons a year ago. At the Indore spot market in Madhya Pradesh, soyoil was steady at 566.4 rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 7.37% to settled at 84880 while prices down -3.35 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 570, a move above could see prices testing 574.

Trading Ideas:

Ref.Soya oil trading range for the day is 560-574.

Ref soyoil prices ended with losses tracking weakness in spot demand amid oversupply woes.

Oilmeal exports dipped 42 per cent in August to 91,834 tonnes against 156,942 tonnes recorded in the same period last year.

India's soyoil imports jumped to 349,436 tons in July, its highest since August 2001 and compared to 306,068 tons.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 566.4 rupees per 10 kgs.