Ref.Soyaoil settled up by 0.1% at 621.15 amid short covering after prices dropped on over supply following higher imports data. However, the official sources in Madhya Pradesh stated that the major portion of soyabean crop have been damaged due to heavy rainfall and also with some diseases. India soybean oil imports climbed 99.39% in September after local demand of edible oils rose due to lack of domestic crushing, data release from the Solvent Extractors Association (SEA) of India showed. India's soyoil imports surged to 321,062 tons in September compared to 161,016 tons for the same period a year ago, data released by the SEA of India showed. India is being used as a dumping ground for excessive supply of edible oils in the world market. Excessive import has put tremendous pressure on the local prices, which are at a level where Indian oilseeds growing farmers are in distress and losing interest in oilseed crop. India edible oil imports climbed 18.81% to 1.20 million tons in Sep compared 1.01 mln tons for the same period a year earlier, the SEA of India said. India vegetable oil imports rose 16.34% to 1.21 million tons in Sep compared to 1.04 million tons for the same period year ago, data showed. At the Indore spot market in Madhya Pradesh, soyoil was steady at 623.7 rupees per 10 kgs.Technically market is under short covering as market has witnessed drop in open interest by -10.06% to settled at 53725 while prices up 0.65 rupee, now Ref.Soya oil is getting support at 617 and below same could see a test of 612 level, And resistance is now likely to be seen at 626, a move above could see prices testing 630.

Trading Ideas:

Ref.Soya oil trading range for the day is 612-630.

Ref soyoil prices ended with gains amid short covering after prices dropped on over supply following higher imports data.

India soybean oil imports climbed 99.39% in September after local demand of edible oils rose due to lack of domestic crushing.

India edible oil imports climbed 18.81% to 1.20 million tons in Sep compared 1.01 mln tons for the same period a year earlier, the SEA of India said.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 623.7 rupees per 10 kgs.