Ref. Soya oil settled down -0.98% at 665.7 tracking bearish outlook spot demand and on higher supplies of the soft oil. India soybean oil imports surged more than double to 53,500 tons in December compared to 21,960 tons a year ago, the data showed. Brazil's soy exports will likely set a new high for the month of February due to strong demand and early harvesting of a record crop. Secondly, the crisis in Argentina economy can impact the supplies in coming months. India's soymeal exports may fall short of forecast 4 million tons in the oil year on higher price of soybean. Edible oil imports surged to 1.05 million tons in December compared to 883,489 tons for the same period year ago, data release from the SEA of India. India edible oil imports spurted 18% in the second month of the oil year starting Nov 1 on speculation of import duty hike, data release from the SEA of India. India vegetable oil imports rose to 1.06 tons for in December compared to 908587 tons for the same period year ago, data showed. Stocks of edible oil in ports and pipeline are estimated at 1.59 million tons as on Jan 1 compared to 1.47 million tons ago a month ago and 1.46 million tons a year ago. At the Indore spot market in Madhya Pradesh, soyoil was steady at 690.55 rupees per 10 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.49% to settled at 119970 while prices down -6.6 rupee, now Ref. Soya oil is getting support at 663 and below same could see a test of 660 level, And resistance is now likely to be seen at 671, a move above could see prices testing 676.

Trading Ideas:

Ref. Soya oil trading range for the day is 660-676.

Ref soyaoil ended with losses tracking bearish outlook spot demand and on higher supplies of the soft oil.

India soybean oil imports surged more than double to 53,500 tons in December compared to 21,960 tons a year ago, the data showed.

India's soymeal exports may fall short of forecast 4 million tons in the oil year on higher price of soybean.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 690.55 rupees per 10 kgs.