Ref. Soya Oil yesterday settled down -0.21% at 693.5 as good rainfall in central and Southern India at the start of the monsoon season raised hopes of higher oilseeds production. Usually demand increases during the Ramadan month, but supplies have also risen. The import data for May is showing a surge in palm oil imports. India's refined palm oil imports hit a record high in May by jumping 47.5 percent from April, a leading trade body said, pushing total purchases of the tropical oil up for the first time since January on lower prices. The monsoon has covered Maharashtra and almost all of Madhya Pradesh, the weather department said on Thursday. The central state of Madhya Pradesh is the country's top soybean producer, followed by the western state of Maharashtra. Indian farmers are expected to increase soybean planting in 2013/14, encouraged by a rally in prices and the need to cultivate a sturdy crop to prepare for the possibility of an unhelpful monsoon season. India's soymeal exports fell to 96,492 tonnes in May from 142,588 tonnes a year earlier, the Solvent Extractors' Association of India said in a statement. At the Indore spot market in Madhya Pradesh, soyoil was steady at 711 rupees per 10 kgs. Now Ref. Soya oil is getting support at 691.8 and below same could see a test of 690.1 level, And resistance is now likely to be seen at 695.9, a move above could see prices testing 698.3.

Trading Ideas:

Ref. Soya oil trading range for the day is 691-699.

Ref soyaoil dropped as good rainfall in Central and Southern India at the start of monsoon season raised hopes of higher oilseeds production.

Usually demand increases during the Ramadan month, but supplies have also risen.

India's soymeal exports fell to 96,492 tonnes in May from 142,588 tonnes a year earlier.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 712.5 rupees per 10 kgs.