Ref. Soyaoil on NCDEX settled down by -0.29% at 655.25 due to on higher supply and subdued demand for Indian oilmeals in exporting markets. With prospects of bumper soybean crops and lower crush margins supply of the oil in domestic market is expected to rise in near-term which will keep soyoil under pressure. India's soybean oilmeal exports during September slipped 51.45% to 3,343 tons compared to 6,886 tons in the same period a year ago, data released from Solvent Extractors Association of India (SEA) showed. Total oilmeal exports in the month of September dropped 35% from a year earlier on higher prices of Indian oilseeds in export market and lower oilseeds stocks for crushing, data released from Solvent Extractors Association of India (SEA) showed. For the first half of the current financial year, cumulative shipments were down 44 per cent at 4,21,741 tonnes over the year-ago period on account of lower availability of seeds for crushing and continued disparity in prices in international markets, the Solvent Extractors Association of India said in a statement. April-September shipments to South Korea, the largest buyer of Indian meal, were reported at 329,464 tonnes — 32 per cent lower than the 481,827 tonnes in corresponding period last year. US oilseeds processors have crushed 4.219 million tonnes (140.6 million bushel) of soybean during August 2016 which is down from 4.337 million tonnes during the corresponding period last year and down from 4.604 million tonnes processed in July 2016. At the Indore spot market in Madhya Pradesh, soyoil was steady at 647.95 rupees per 10 kgs. Technically now Ref. Soya oil is getting support at 654 and below same could see a test of 653 level, And resistance is now likely to be seen at 657, a move above could see prices testing 659.

Trading Ideas:

# Ref. Soya oil trading range for the day is 653-659.

# Ref soyoil prices ended with losses due to on higher supply and subdued demand for Indian oilmeals in exporting markets.

# India's soybean oilmeal exports during September slipped 51.45% to 3,343 tons compared to 6,886 tons in the same period a year ago.

# US oilseeds processors have crushed 4.219 million tonnes (140.6 million bushel) of soybean during August 2016 which is down from 4.337 million tonnes.

# At the Indore spot market in Madhya Pradesh, soyoil was steady at 647.95 rupees per 10 kgs.