Commodity Trading Tips for Ref. Soya Oil by KediaCommodity

Ref-Soya-OilRef.Soya Oil settled up 0.43% at 620.75 on improved demand ahead of Ganesh Chathuthi. India's soybean oilmeal exports slumped to 93,000 ton during Apr-Jul from 518,000 ton a year ago due to uncertain soybean crop prospects, data by the Solvent Extractors Association of India showed. Argentina’s production in 2014-15 may total 55 million tons, up from 54 million tons a year earlier as per Oil World. The country is facing “considerable uncertainty” amid an economic crisis, so farmers may reduce planting of costlier crops including corn amid a liquidity squeeze.China, the world’s biggest soybean consumer, will produce 11.8 million tons in 2014-15, down from 12 million tons a year earlier because of drought in some regions. The growth in the country’s soybean imports may still slow in 2014-15 as quite significant soybean stocks were built in China during the past 10 months. As per the latest Kharif sowing survey report published by Ministry of Agriculture, the total sown area as on now, as per reports received from States, stands at 935.06 lakh hectare as compared to 975.87 lakh hectare at this time last year, which is a significant progress due to steady rainfalls in most belts. The oilseeds area has increased to 168.28 lakh ha compared to 183.31 lakh ha of last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 624.35 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -12.93% to settled at 52205 while prices up 2.65 rupee, now Ref.Soya oil is getting support at 616 and below same could see a test of 611 level, And resistance is now likely to be seen at 624, a move above could see prices testing 627.

Trading Ideas:

Ref.Soya oil trading range for the day is 603-621.

Ref.Soya oil settled down dropped on profit booking amid weak overseas prices

India's soybean oilmeal exports slumped to 93,000 ton during Apr-Jul from 518,000 ton a year ago.

The oilseeds area has increased to 168.28 lakh ha compared to 183.31 lakh ha of last year.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 624.35 rupees per 10 kgs.