Ref Soyaoil yesterday traded with the negative node and settled -0.71% down at 778.5 due to strong production estimates and weak meal export demand. India refined palm oil import in July is down 9.28 percent from June. India imported 112,611 tn of refined palm oil in July. The vegetable oil imports in July was 870,328 tn, up from 783,315 tn in June. Indian farmers have grown soybean on 10.69 million hectares as of Sept.6, compared with 10.33 million hectares a year earlier. The country's soybean production in 2012/13 is likely to rise to 11.8 million tonnes from 11 million tonnes in the current year, J P Morgan said in a research report last week. According to USDA, World soybean inventories may drop to 53.36 million tons at the end of this crop year, 24% lower than last year. As per latest release from China's General Administration of Customs, the total August edible oil imports in China declined by 7.2% from the same month in last year and 11% from July to 6.49 lakh metric tonnes. While the total imports during January to August reported at 4.65 million tonnes, up 13.6% from the last year in the same month. At the Indore spot market soyoil edged down -4.05 rupees to 796.9 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 772.8 after opening at 780.5, and finally settled at 778.5. For today's session market is looking to take support at 774, a break below could see a test of 769.6 and where as resistance is now likely to be seen at 781.7, a move above could see prices testing 785.

Trading Ideas:

Ref soyaoil trading range for the day is 769.57-784.97.

Ref soyaoil dropped due to strong production estimates and weak meal export demand.

India refined palm oil import in July is down 9.28 percent from June.

World soybean inventories may drop to 53.36 million tons at the end of this crop year, 24% lower than last year

At the Indore spot market soyoil edged down by -4.05 rupee to 796.9 rupees 10 kgs.