Ref Soyaoil yesterday traded with the negative node and settled -0.46% down at 660.5 as traders booked profit ahead of two days holiday. As per the SEA of India press release, dated 12 August 2011, the import of vegetable oils during July 2011 is reported at 913,179 tons compared to 800,644 tons in July 2010 i.e. up by 14.1%, consisting of 881,762 tons of edible oils and 31,417 tons of non-edible oils. The overall import of vegetable oils during Nov.’10 to July ’11 is reported at 6,043,403 tons compared to 6,382,314 tons during the same period of last year i.e. down by 5.3%. At the Indore spot market soyoil edged up by 1.35 rupee to 665.65 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 660.1 after opening at 664.6, and finally settled at 660.5. For today's session market is looking to take support at 657.1, a break below could see a test of 653.7 and where as resistance is now likely to be seen at 666.9, a move above could see prices testing 673.4.

Trading Ideas:

Ref soyaoil trading range is 653.7-673.4.

Ref Soyaoil yesterday traded with the negative node as traders booked profit

The import of vegetable oils during July 2011 is reported at 913,179 tons

Ref soyoil looks to take support at 657.10 and resistance at 666.90 level.

At the Indore spot market soyoil edged up by 1.35 rupee to 665.65 rupees 10 kgs.