Ref Soyaoil yesterday traded with the positive node and settled 1.11% up at 699 tracking firm spot demand on low domestic supplies. Domestic markets also witnessed some requirement based buying. Traders do not see any major movement in markets before the USDA report release. India's oilmeal exports fell 26 per cent in the first nine months of the current financial year on reduced demand due to the ongoing economic uncertainty in overseas markets. Data compiled by the apex trade body, the Solvent Extractors' Association (SEA) showed that oilmeal exports nosedived to 2.9 million tonnes for the period between April - December, 2012 compared to 3.9 million tonnes in the corresponding period last year. In December however, the decline was sharper than that in the preceding months of the year. Overall shipment of oilmeal in December plunged by 43 per cent - 0.54 million tonnes compared to 0.95 million tonnes in the same month last year. At the Indore spot market soyoil edged up 9.6 rupees to 726.2 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 691 after opening at 691.55, and finally settled at 699. For today's session market is looking to take support at 693.4, a break below could see a test of 687.8 and where as resistance is now likely to be seen at 702.2, a move above could see prices testing 705.3.

Trading Ideas:

Ref soyaoil trading range for the day is 687.83-705.33.

Ref soyaoil ended with gains tracking firm spot demand on low domestic supplies.

Domestic markets also witnessed some requirement based buying.

Traders do not see any major movement in markets before the USDA report release.

At the Indore spot market soyoil edged up by 9.6 rupee to 726.2 rupees 10 kgs.