Ref.Soyaoil settled up by 1.2% at 566.85 due to short covering tracking firmness in spot demand. 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 import of vegetable oils reached at a record level and crossed 100 lakh tonnes during first 9 months of the current oil year (November 2014 to July 2015) against 80.0 lakh tonnes, up by 26 per cent over the same period of last year. According to latest report of USDA, India soybean oil imports are raised 300,000 tons to 2.80 mt due to lower domestic crush of soybeans and the domestic consumption of soybean oil in India is likely to be at around 4.4mt in 2015/16 against 3.8 mt last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 561.1 rupees per 10 kgs.Technically now Ref.Soya oil is getting support at 562 and below same could see a test of 557 level, And resistance is now likely to be seen at 570, a move above could see prices testing 573.

Trading Ideas:

Ref.Soya oil trading range for the day is 557-573.

Ref soyoil prices ended with gains due to short covering tracking firmness in spot demand.

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

According to latest report of USDA, India soybean oil imports are raised 300,000 tons to 2.80 mt due to lower domestic crush of soybeans.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 561.1 rupees per 10 kgs.