Ref.Soyaoil on NCDEX settled down by -1.54% at 641.2 on increasing supply in spot markets. Prices of soyoil were down as supply in local market has risen due to robust crop in the country, which has resulted in better availability of soy oil. Also, mustard oil supply is improving as this year production of mustard seed is higher than last year which is also weighing on soy oil prices. India oilmeal exports in the month of February jumped more than doubled on robust demand, data released from Solvent Extractors Association of India (SEA) showed. Bumper output in domestic market have made Indian oil meal prices competitive in export market which will lead to robust export number in Feb. India's oilmeal exports during February spurted to 263,509 tons as compared to 122,527 tons a year earlier. Exports of soybean oilmeal during February climbed multi fold to 207,977 tons as compared to 29,950 tons in February 2015. India's booming edible oil imports are expected to decline or hold flat in the year to October 2017, failing to grow for the first time in six years, as near record domestic oilseed output boosts supplies, industry executives said. India, the world's biggest edible oil importer, is expected to purchase about 14 to 14.5 million tonnes of vegetable oil this year, compared with 14.5 million tonnes in 2015/16. At the Indore spot market in Madhya Pradesh, soyoil was steady at 664.85 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 8.37% to settled at 55960 while prices down -10 rupees, now Ref.Soya oil is getting support at 636 and below same could see a test of 632 level, And resistance is now likely to be seen at 648, a move above could see prices testing 656.

Trading Ideas:

Ref.Soya oil trading range for the day is 632-656.

Ref soyoil prices ended with losses on increasing supply in spot markets.

India oilmeal exports in the month of February jumped more than doubled on robust demand, data showed.

Exports of soybean oilmeal during February climbed multi fold to 207,977 tons as compared to 29,950 tons in February 2015.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 664.85 Rupees per 10 kgs.