Ref Soyaoil yesterday traded with the negative node and settled -0.12% down at 772.9 on profit booking though downside was limited taking cues from robust buying in the spot market on the back of strong export demand for soymeal. Recently SEA of India released the vegetable oil import data for India. It’s edible oil import has increased significantly during past few months which seems sufficient enough to meet the domestic demand in near future. In India overall import of vegetable oils during November 2011 to March 2012 is up by 21%.The Solvent Extractor's Association (SEA) continues to highlight the surge in import of RBD Palmolein and its impact on the local edible oil refinery industry. As feared by the Industry, the month of February saw a huge surge in import of RBD palmolein to an extent of over 3 lakh tonnes followed by 1.8 lakh Tonnes imported during March 2012. This is against the monthly average of 1,10,000 tonnes being imported hitherto, notes the SEA in its latest editorial. At the Indore spot market soyoil edged up by 1 rupee to 763.1 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 771.5 after opening at 775.9, and finally settled at 772.9. For today's session market is looking to take support at 770.7, a break below could see a test of 768.4 and where as resistance is now likely to be seen at 776, a move above could see prices testing 779.

Trading Ideas:

Ref soyaoil trading range for the day is 768.43-779.03.

Ref soyoil ended down on profit booking though downside was limited taking cues from robust buying in spot

SEA continues to highlight the surge in import of RBD Palmolein and its impact on local edible oil refinery industry

In India overall import of vegetable oils during November 2011 to March 2012 is up by 21%.

At the Indore spot market soyoil edged up by 1 rupee to 763.1 rupees 10 kgs.