Ref.Soya Oil settled down -1.27% at 669.2 as monsoon advance in more parts of the country bolstering the prospects of higher sowing. Farmers in key oilseed growing areas across India will start planting of soybean one-week after commencement of southwest rainfall. The supplies from imports are on the rise and on the other hand the sowing acreage is low and production is likely to drop by 8—10 % to around 11 MMTAs per the latest date released by the Ministry of Agriculture. The oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period. The USDA showed soybean stockpiles in United States came better than expected at 405 million bushels compared to forecast of 387 million bushels. The soy oil remained under pressure due to excess supplies from imports. As per Solvent Extractors’ Association of India (SEA) data bank, there has been a significant increase in imports of Soy oil, sunflower oil & Rape oil and drop in imports of Palm oil, for last seven months of edible oil marketing year (Nov - Oct). As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period. At the Indore spot market in Madhya Pradesh, soyoil was steady at 691.15 rupees per 10 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 1.96% to settled at 152245 while prices down -8.6 rupee, now Ref.Soya oil is getting support at 666 and below same could see a test of 662 level, And resistance is now likely to be seen at 676, a move above could see prices testing 682.

Trading Ideas:

Ref.Soya oil trading range for the day is 662-682.

Ref soyoil dropped as monsoon advance in more parts of the country bolstering the prospects of higher sowing.

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

The oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 691.15 rupees per 10 kgs.