Ref.Soya Oil settled down -0.44% at 681 as pressure seen due to limited offtake and steady supplies in the mandis. Oilmeal exports fell by 31% to 5.92 lakh tonnes during the April-June period of the current fiscal due to sharp decline in soyabean shipments to Iran, South Korea and other countries. Export of oilmeal, used as animal feed, were 8.56 lakh tonnes in the same period of 2013-14.  According to the Solvent Extractors Association (SEA), soyabean meal exports have declined sharply in the last two months due to poor supply of soybean coupled with high price led to total disparity in international market. In June, soybean meal exports fell to 2,637 tonne, the lowest level, SEA said in a statement. As per SEA data, total soyabean exports fell to 1 lakh tonnes in the first quarter of 2014-15, as against 4.09 lakh tonnes in the year-ago period. Oilmeal exports to Iran fell by 61% to 1.02 lakh tonnes in the first quarter of this fiscal, while shipments to South Korea declined marginally by 3.12% to 2.95 lakh tonnes in the same period. The shipments to other countries such as Thailand, Vietnam, Taiwan, Indonesia and Europe remained remained below 50,000 tonnes, SEA added. Soybean buyers in China are increasing imports as demand for animal feed rises and falling prices boost processing margins. The Indore spot market in Madhya Pradesh, soyoil was steady at 685.2 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -4.72% to settled at 65765 while prices down -3 rupee, now Ref.Soya oil is getting support at 680 and below same could see a test of 678 level, And resistance is now likely to be seen at 684, a move above could see prices testing 686.

Trading Ideas:

Ref.Soya oil trading range for the day is 678-686.

Ref.Soya oil settled down as pressure seen due to limited offtake and steady supplies in the mandis.

Oilmeal exports fell by 31% to 5.92 lakh tonnes during the April-June period of the current fiscal due to sharp decline in soyabean shipments.

According to the SEA, soyabean meal exports have declined sharply in the last two months due to poor supply of soybean.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 685.2 rupees per 10 kgs.