Ref.Soya Oil settled down -0.25% at 665.65 on late profit booking after prices gained earlier on limited supplies in the domestic market and improved demand in the local market. Fear over weather certainties has supported the soybean prices. Indian framers in key oilseed growing areas across India will start planting of soybean one-week after southwest rainfall. With the forecast of untimely rainfall sowing process is expected to be delayed. Oilmeal exports have almost halved to 153,761 tonne in May from 298,310 tonnes in the same period last year. The drop was largely due to a sharp spike in soyabean prices, leading to a delay in crushing, and lower availability of oilmeal for exports. Total oilmeal export between April-May 2014 was down 21 per cent at 390,596 tonne (495,864 tonnes). Oilmeal export to Iran was down 57 per cent in the last two months at 63,115 tonne (148,234 tonne). Consignment to Iran consists of 35,500 tonne of soyabean meal and 27,615 tonne of rapeseed meal. South Korea imported 161,241 tonne as compared to 198,367 tonne, down 18 per cent, while Thailand imported 41,800 tonne of rapeseed meal and 750 tonne of soyabean meal. At the Indore spot market in Madhya Pradesh, soyoil was steady at 693.55 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.61% to settled at 176560 while prices down -1.65 rupee, now Ref.Soya oil is getting support at 663 and below same could see a test of 661 level, And resistance is now likely to be seen at 669, a move above could see prices testing 673.

Trading Ideas:

Ref.Soya oil trading range for the day is 661-673.

Ref.Soya oil settled down on late profit booking after prices gained earlier on limited supplies in the domestic market

Fear over weather certainties has supported the soybean prices.

Indian framers in key oilseed growing areas across India will start planting of soybean one-week after southwest rainfall.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 693.55 rupees per 10 kgs.