Ref. Soya oil settled down -0.24% at 571.95 due to oversupply woes in domestic market following robust imports data for month of July. Prices also seen under pressure amid ample export availabilities in South America, weak sentiments in crude palm oil, and a favourable global supply outlook for 2015/16. Among the factors driving up global edible oils stocks are subdued demand for palm and soy oil by the biodiesel sector in Indonesia and Argentina. India's soyoil imports jumped to 349,436 tons in July, its highest since August 2001 and compared to 306,068 tons for the same period a year ago, data released by the SEA of India showed. India’s monthly requirement of soya oil is presently reported around 15-16 lakh tons against while stocks available is over 21.80 lakh tons, which is equal to nearly one and a half month requirements. This implies that the current stocks are ample to meet the near term demand of Indian consumers. India’s vegetable oil import is likely to set a new record at 14 million tonnes (mt) this year, on lower availability from domestic sources and subdued prices. This would be a rise of a little over 20 per cent from the 11.6 mt in 2013-14. Last month, the import jumped 35 per cent to 1.5 mt, the highest monthly figure, from 1.11 mt in the same month last year, according to the apex industry body, the Solvent Extractors’ Association (SEA). Technically market is under long liquidation as market has witnessed drop in open interest by -7.54% to settled at 84965 while prices down -1.4 rupee, now Ref. Soya oil is getting support at 570 and below same could see a test of 569 level, And resistance is now likely to be seen at 574, a move above could see prices testing 577.

Trading Ideas:

Ref. Soya oil trading range for the day is 569-577.

Ref soyoil prices ended with losses due to oversupply woes in domestic market following robust imports data for month of July.

Prices also seen under pressure amid ample export availabilities in South America, and a favourable global supply outlook for 2015/16.

India's soyoil imports jumped to 349,436 tons in July, its highest since August 2001 and compared to 306,068 tons for the same period a year ago.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 583.4 rupees per 10 kgs.