Ref Soyaoil yesterday traded with the negative node and settled -0.61% down at 800.55 on profit booking after prices gained following gains in the world market due to a drought in the United States and as a drop in the rupee made edible oil imports expensive. In spot market demand is good for soyoil due to festivals. Developments in overseas markets are supporting upside.  India's vegetable oils industry has called on the government to press China to lift a ban on imports of Indian rapeseed meal, a key industry official said last week, ahead of the arrival by end-August of a delegation from Beijing. U.S. oilseed production for 2012/13 is projected at 83.4 million tons, down 9.4 million from last month, as a lower soybean production estimate is only partly offset by higher crops of peanuts and cottonseed. Soybean production for 2012/13 is projected at 2.7 billion bushels, down 358 million due to lower harvested area and yields. Harvested area is projected at 74.6 million acres, down 0.7 million from the July projection. At the Indore spot market soyoil edged up 4.35 rupees to 797.1 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 781.55 after opening at 809, and finally settled at 800.55. For today's session market is looking to take support at 783.5, a break below could see a test of 766.5 and where as resistance is now likely to be seen at 815.7, a move above could see prices testing 830.8.

Trading Ideas:

Ref soyaoil trading range for the day is 766.45-830.75.

Ref Soyaoil ended down on profit booking after prices gained following gains in the world market

In spot market demand is good for soyoil due to festivals.

U.S. oilseed production for 2012/13 is projected at 83.4 million tons, down 9.4 million from last month

At the Indore spot market soyoil edged up by 4.35 rupee to 797.1 rupees 10 kgs.