Ref.Soya Oil settled up 0.94% at 684.8 on the concerns over the production of summer-sown crops due to forecast of lower rainfall. India soybean oil meal exports dropped to 8,226 tons in May compared to 96,492 tons in May 2013, data from the Solvent Extractors Association of India showed. Soybean production in the world's biggest bean grower, is estimate at 98.93 million tons compared to previous forecast and 89.51 million tons a year ago, the US Department of Agriculture said. Soyoil imports surged to over two-folds to 1.74 million tons in May compared to 52,392 tons a year ago, data from the Solvent Extractors Association (SEA) of India. 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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 698.9 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -6.98% to settled at 147470 while prices up 6.4 rupee, now Ref.Soya oil is getting support at 679 and below same could see a test of 674 level, And resistance is now likely to be seen at 688, a move above could see prices testing 692.

Trading Ideas:

Ref.Soya oil trading range for the day is 674-692.

Ref soyoil ended with gains on the concerns over the production of summer-sown crops due to forecast of lower rainfall.

India soybean oil meal exports dropped to 8,226 tons in May compared to 96,492 tons in May 2013, data from the SEA showed.

Soyoil imports surged to over two-folds to 1.74 million tons in May compared to 52,392 tons a year ago.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 698.9 rupees per 10 kgs.