Ref. Soya oil settled up 0.31% at 657 on improved demand in the physical market due to upcoming festivals. Prices were also supported on lower US soybean crop condition hampering the prospects of robust output from the world's biggest bean producer. Prices also seen supported on strong China demand for United States soybean amid caution ahead of monthly production and stockpiles data by United States Department of Agriculture (USDA). US private exporters reported soybean sales of 168,000 tons to China for delivery during the 2014-15 marketing year, the US Department of Agriculture said. US Soybeans was rated 70% good and excellent until Aug 11 lower than 71% a week ago, USDA said in its crop progress report. According to various surveys the USDA may revise US soybean production and yield forecasts to upward. Soybean oilmeal exports dropped to 6,635 tons in July compared to 107,038 tons for the corresponding period a year earlier, data release from the Solvent Extractors Association of India (SEA) showed. Another data from the Soybean Processors Association (SOPA) of India showed soymeal exports dropped to 6,682 tons in July compared to 107,037 tons a year earlier. Oilmeal import by South Korea from India during April-July is reported at 341,548 tons compared to 325,768 tons, consisting 171,572 tons of rapeseed meal, 168,562 tons of castor meal and 1,414 tons of soybean meal. At the Indore spot market in Madhya Pradesh, soyoil was steady at 666.45 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -0.06% to settled at 114260 while prices up 2 rupee, now Ref. Soya oil is getting support at 653 and below same could see a test of 651 level, And resistance is now likely to be seen at 658, a move above could see prices testing 661.

Trading Ideas:

Ref. Soya oil trading range for the day is 651-661.

Ref soyoil ended with gains on improved demand in the physical market due to upcoming festivals.

Prices were also supported on lower US soybean crop condition hampering the prospects of robust output from the world's biggest bean producer.

According to various surveys the USDA may revise US soybean production and yield forecasts to upward.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 666.45 rupees per 10 kgs.