Ref.Soya Oil settled down -0.64% at 677.8 on poor selling amid slow offtake in most of the mandis. Oilmeal exports fell by 31% to 5.92 lakh tonnes during the April-June period of the current fiscal due to sharp decline in soyabean shipments to Iran, South Korea and other countries. Export of oilmeal, used as animal feed, were 8.56 lakh tonnes in the same period of 2013-14.  According to the Solvent Extractors Association (SEA), soyabean meal exports have declined sharply in the last two months due to poor supply of soybean coupled with high price led to total disparity in international market. In June, soybean meal exports fell to 2,637 tonne, the lowest level, SEA said in a statement. As per SEA data, total soyabean exports fell to 1 lakh tonnes in the first quarter of 2014-15, as against 4.09 lakh tonnes in the year-ago period. The soy oil remained under pressure due to excess supplies from imports. As per Solvent Extractors’ Association of India (SEA) data bank, there has been a significant increase in imports of Soy oil, sunflower oil & Rape oil and drop in imports of Palm oil, for last seven months of edible oil marketing year (Nov - Oct). US markets dropped on steady supplies and favourable weather during the long weekend. At the Indore spot market in Madhya Pradesh, soyoil was steady at 693.45 rupees per 10 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.16% to settled at 149325 while prices down -4.4 rupee, now Ref.Soya oil is getting support at 676 and below same could see a test of 673 level, And resistance is now likely to be seen at 683, a move above could see prices testing 687.

Trading Ideas:

Ref.Soya oil trading range for the day is 673-687.

Ref.Soya oil settled down on poor selling amid slow offtake in most of the mandis.

Oilmeal exports fell by 31% to 5.92 lakh tonnes during the April-June period of the current fiscal.

Soyabean meal exports have declined sharply in the last two months due to poor supply of soybean.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 693.45 rupees per 10 kgs.