Ref Soyaoil settled flat following a decline in overseas prices and as fresh soybean crop began arriving in small quantities in key producing areas. In Madhya Pradesh and Maharashtra soybean arrivals have started in small quantities. Weather is favourable for harvesting. In next two-three weeks arrivals will rise significantly. Edible oil prices in the world market may come under pressure due to high palm oil stocks in Malaysia and Indonesia and the start of soybean crushing in the United States. India's vegetable oil imports in August were 897,018 tonnes, up from 870,328 tonnes in the previous month. India's soybean production is likely to rise to 11.8 million tonnes in 2012/13 from 11 million tonnes in the current year. Good rainfall in the rapeseed-cultivating regions in the past one month can lift the output of the winter-sown oilseed. The output may rise 9 percent to 6 million tonnes in 2012/13, a senior industry official said. At the Indore spot market soyoil edged down -8.1 rupees to 787.5 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 736.5 after opening at 749, and finally settled at 744.95. For today's session market is looking to take support at 737.6, a break below could see a test of 730.3 and where as resistance is now likely to be seen at 751.1, a move above could see prices testing 757.3.

Trading Ideas:

Ref soyaoil trading range for the day is 730.32-757.32.

Ref soyaoil extended losses following a decline in overseas prices and as fresh soybean crop began arriving

In Madhya Pradesh and Maharashtra soybean arrivals have started in small quantities.

India's vegetable oil imports in August were 897,018 tonnes, up from 870,328 tonnes in the previous month

At the Indore spot market soyoil edged down by -8.1 rupee to 787.5 rupees 10 kgs.