Ref. Soya oil settled down -0.64% at 655 as the key oilseed growing areas have been receiving ample rain. Soybean oilmeal exports dropped to 6,635 tons in July compared to 107,038 tons for the corresponding period a year earlier, data release from the Solvent Extractors Association of India (SEA) showed. Another data from the Soybean Processors Association (SOPA) of India showed soymeal exports dropped to 6,682 tons in July compared to 107,037 tons a year earlier. Oilmeal import by South Korea from India during April-July is reported at 341,548 tons compared to 325,768 tons, consisting 171,572 tons of rapeseed meal, 168,562 tons of castor meal and 1,414 tons of soybean meal. Iran imported of 112,275 tons compared to 363,744 tons last year consisting of 35,500 tons of soybean meal and 76,775 tons of rapeseed meal. Thailand imported of 76,208 tons compared to 86,233 tons, consisting 73,801 tons of rapeseed meal and 2,407 tons of soybean meal. Vietnam imported 45,032 tons compared to 49,967 tons last year consisting of 17,726 tons of rapeseed meal, 3,462 tons of soybean meal and 23,844 tons of rice bran extraction. Taiwan imported 26,438 tons compared to 32,509 tons of last year consisting of 16,540 tons of rapeseed meal and 9,860 tons of castor meal and small quantity of 38 tons of soybean meal. Europe imported 40,717 tons compared to 110,134 tons of last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 668.7 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.77% to settled at 114330 while prices down -4.2 rupee, now Ref. Soya oil is getting support at 652 and below same could see a test of 648 level, And resistance is now likely to be seen at 662, a move above could see prices testing 668.

Trading Ideas:

Ref. Soya oil trading range for the day is 648-668.

Ref. Soya oil settled down as the key oilseed growing areas have been receiving ample rain.

Soybean oilmeal exports dropped to 6,635 tons in July compared to 107,038 tons for the corresponding period a year earlier.

Another data from the Soybean Processors Association (SOPA) of India showed soymeal exports dropped to 6,682 tons in July.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 668.7 rupees per 10 kgs.