Ref.Soya Oil settled down -0.38% at 619.1 tracking weakness in spot demand on poor buying support at higher levels. Pressure also seen on prices on weak export demand for soymeal and better than expected sowing in United States. Prices were also pressurised as improved rainfall in US Midwest region bolster hope of good crop condition of the world's biggest bean producer. 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. India's soybean sowing has been completed and crop is at the flowering stage but it requires rains after 10-15 days. Soybean has been sown over an area of 10.9 million hectare until Aug 22 down from 12.13 million hectare, showed agriculture ministry data. As of now crop condition of soybean is good in Madhya Pradesh and at most of the places crop is at flowering stage. However, crop requires rains after 10-15 days for the growth. It is too early to estimate the crop size at this stage. In Madhya Pradesh, soybean acreage stood at 5.69 million hectares down from 6.35 million hectare a year ago. In Maharashtra, sowing fell 8% to 3.55 million ton on lack of sufficient rains. At the Indore spot market in Madhya Pradesh, soyoil was steady at 624.25 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -9.28% to settled at 71220 while prices down -2.35 rupee, now Ref.Soya oil is getting support at 613 and below same could see a test of 608 level, And resistance is now likely to be seen at 622, a move above could see prices testing 626.

Trading Ideas:

Ref.Soya oil trading range for the day is 608-626.

Ref soyoil ended with losses tracking weakness in spot demand on poor buying support at higher levels.

Pressure also seen on prices on weak export demand for soymeal and better than expected sowing in United States.

Soybean oilmeal exports dropped to 6,635 tons in July compared to 107,038 tons for the corresponding period a year earlier.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 624.25 rupees per 10 kgs.