Ref Soyaoil yesterday traded with the negative node and settled -0.24% down at 686 as weak sentiment of the spot market weighed on prices. Oilseed complex displayed volatility as the market lacked any definite direction. Weakness in the overseas markets also held back buyers from turning aggressive. India, the world's top importer of vegetable oils, meets more than half of its edible oil demand through imports. Edible oil imports of India is expected to rise 33% to 14 million ton by 2020 to meet the rising domestic demand, according to Solvent Extractors Association (SEA). About 60 per cent of its domestic demand is met by India through imports. India imports palm oil from Indonesia and Malaysia and soyabean oil from Brazil and Argentina. Edible oil imports are projected to increase to more than 13.9 million ton by 2020, from 10.5 million ton estimated in the ongoing 2012-13 marketing year ending October 2013. Argentina's soy crop is estimated at 51.3 mln tons which is more than a million tons under the country's all-time record crop, but far higher than the drought-hit 2011-12 season, according to the Agriculture Ministry. At the Indore spot market soyoil edged down -0.55 rupees to 689.25 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 683.1 after opening at 684.7, and finally settled at 686. For today's session market is looking to take support at 683, a break below could see a test of 680 and where as resistance is now likely to be seen at 689.1, a move above could see prices testing 692.3.

Trading Ideas:

Ref soyaoil trading range for the day is 679.97-692.27.

Ref soyaoil ended losses as weak sentiment of the spot market weighed on prices.

Oilseed complex displayed volatility as the market lacked any definite direction.

Weakness in the overseas markets also held back buyers from turning aggressive.

At the Indore spot market soyoil edged down by -0.55 rupee to 689.25 rupees 10 kgs.