Ref Soyaoil yesterday traded with the negative node and settled -1.26% down at 778.5 on the back of weak global cues, however, weak sowing cues limited the steep fall in the prices. Oilmeal exports fell by 59 per cent to 1,20,091 tons in August 2012 from 2,91,466 tons a year ago. Exports fall because of sharp drop in the overseas sales of soyameal and rapemeal. Soyameal exports, which make up the bulk of sales, fell to 10,005 tons in August from 1,65,610 tonnes a year ago, says Solvent Extractors' Association of India (SEAI). Shipments of rapemeal also fell to 68,401 tons (1,04,608 tons). Indian farmers have grown soybean on 10.69 million hectares as of Aug. 30, compared with 10.31 million hectares a year earlier, triggering upward revision in production estimates. Monsoon rains also turned above average in oilseeds producing regions. China to dominate global soymeal demand for the 6th consecutive year in 2012-13, on the back on rising hog herds in the country, raising exports of U.S and the other major soymeal producers. At the Indore spot market soyoil edged down -2.4 rupees to 803.25 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 776.7 after opening at 785.1, and finally settled at 778.5. For today's session market is looking to take support at 773.2, a break below could see a test of 767.9 and where as resistance is now likely to be seen at 787.3, a move above could see prices testing 796.

Trading Ideas:

Ref soyaoil trading range for the day is 767.93-796.03.

Ref soyaoil ended weak on the back of weak global cues, however, weak sowing cues limited the steep fall

Oilmeal exports fell by 59 per cent to 1,20,091 tons in August 2012 from 2,91,466 tons a year ago

Exports fall because of sharp drop in the overseas sales of soyameal and rapemeal

At the Indore spot market soyoil edged down by -2.4 rupee to 803.25 rupees 10 kgs.