Ref. Soya oil yesterday settled up 1.42% at 692 on concerns heavy rainfall in the top producing Madhya Pradesh state may damage the crop. The soybean crop in Madhya Pradesh needs sunshine, but continuously it is getting rainfall. There are reports of crop damage in some areas, pushing up prices. Madhya Pradesh is likely to receive heavy rainfall in the next three days, the weather department said. Indian soybean production is likely to rise as much as 18 percent to a record 13.34 million tonnes in 2013/14 from a year earlier as rains boost crops in key growing areas, a senior industry official said. Indian soybean production is likely to rise as much as 18 percent to a record 13.34 million tonnes in 2013/14 from a year earlier as rains boost crops in key growing areas, a senior industry official said. There has been a good spurt in kharif oilseeds sowing with the acreage spurting by 37% to 149.82 lakh hectares. The demand for soybeans from local solvent extractors is steady ahead of the festive season. However, the local prices have not gained much in last one year on a persistent up tick in imported edible oil. Import of vegetable oils from India jumped by 12% during the November 2012 and June 2013 period at 71.45 lakh tonnes, according to a latest update from Solvent Extractor's Association. At the Indore spot market in Madhya Pradesh, soyoil was steady at 692 rupees per 10 kgs. Now Ref. Soya oil is getting support at 682.2 and below same could see a test of 672.4 level, And resistance is now likely to be seen at 697.6, a move above could see prices testing
703.2.

Trading Ideas:

Ref. Soya oil trading range for the day is 673-703.

Ref soyaoil gains on concerns heavy rainfall in the top producing Madhya Pradesh state may damage the crop.

The soybean crop in Madhya Pradesh needs sunshine, but continuously it is getting rainfall.

There are reports of crop damage in some areas, pushing up prices.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 692.45 rupees per 10 kgs.