Ref Soyaoil yesterday traded with the positive node and settled 0.21% up at 707.65 but gains were limited as reports of ban of Indian meal by China weighed on gains. Beijing halted imports of oilmeals from India after it found a hazardous chemical in the product last year, an Indian trade body said, threatening about half of India's rapeseed exports. Arrivals of oilseeds have gone down in local spot markets. India imports edible oils mainly in the form of palm oil from Malaysia and Indonesia. Weather conditions over South America has improved which is supportive for the crop while overall production estimates might still remain lower. At the Indore spot market soyoil edged down by -0.35 rupee to 709.15 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 704.1 after opening at 707, and finally settled at 707.65. For today's session market is looking to take support at 704.6, a break below could see a test of 701.5 and where as resistance is now likely to be seen at 710.3, a move above could see prices testing 712.9.

Trading Ideas:

Ref soyaoil trading range is 701.5-712.9.

Ref settled up but gains were limited as reports of ban of Indian meal by China weighed on gains

Arrivals of oilseeds have gone down in local spot markets

Weather conditions over South America has improved which is supportive for the crop

At the Indore spot market soyoil edged down by -0.35 rupee to 709.15 rupees 10 kgs.