Ref. Soya oil settled up 0.39% at 711.8 on fresh buying for the marriage season amid a firming global trend. Healthy rise in spot and fresh hike in Madhya Pradesh soyabeal oil prices also fuelled prices. Soyabean prices in Nagpur APMC reported higher on increased buying support from local crushing plants amid weak supply from producing belts. Abundant supplies and good production in the international market is pressurizing the market. Oil mills are not buying aggressively. There is moderate demand for soybeans, but even that demand could not be met. Supply is limited as farmers are holding back the crop. India's soybean production in 2013/14 is likely to drop 4.4 percent from the previous year to 10.23 million tonnes after heavy rains in growing areas during the harvest season damaged the crop. As per the data released by SEA of India, the import of vegetable oils during Nov 12-Oct 13 are higher by 5 LT vs LY to 106.8 LT. According to a latest update from the Central Organization for Oil Industry & Trade last year's soybean crop revised downward to 107.00 lakh tons from 113.40 lakh tons. At the Indore spot market in Madhya Pradesh, soyoil was steady at 704.95 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 1.16% to settled at 114450 while prices up 2.8 rupee, now Ref. Soya oil is getting support at 709 and below same could see a test of 706 level, And resistance is now likely to be seen at 714, a move above could see prices testing 716.

Trading Ideas:

Ref. Soya oil trading range for the day is 705-717.

Ref soyoil ended with gains on fresh buying for the marriage season amid a firming global trend.

Healthy rise in spot and fresh hike in Madhya Pradesh soyabeal oil prices also fuelled prices.

Prices in Nagpur APMC reported higher on increased buying support from local crushing plants amid weak supply from producing belts

At the Indore spot market in Madhya Pradesh, soyoil was steady at 704.95 rupees per 10 kgs.