Ref Soyaoil yesterday traded with the negative node and settled -0.21% down at 640 tracking weakness in spot market demand. Argentina's 2010/11 soy harvest is expected to come in at 50.4 million tonnes, the government said, holding its previous estimate as harvesting nears its end. At the Indore spot market soyoil edged down by -0.85 rupee to 638.3 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 639.15 after opening at 641.1, and finally settled at 640. For today's session market is looking to take support at 638.7, a break below could see a test of 637.3 and where as resistance is now likely to be seen at 641.8, a move above could see prices testing 643.6.

Trading Ideas:

Ref soyaoil trading range is 637.3-643.6.

Argentina's 2010/11 soy harvest is expected to come in at 50.4 million tonnes

Ref Soya oil looks to take support at 638.70 level

Ref Soya oil having resistance at 641.80 level

At the Indore spot market soyoil edged down by -0.85 rupee to 638.3 rupees 10 kgs.