Ref Soyaoil yesterday traded with the negative node and settled -0.96% down at 682.5 tracking the weak global cues as overseas prices driven lower by traders reducing weather premium from prices and broad-based selling across asset classes. Rains forecast to move through Argentina for the next week raise hope of improved crop yields, particularly with rains coming as crops move into their critical reproductive stage. Argentina's parched fields got a moderate soaking from showers across much of the farm belt over the weekend, but much more is needed to replenish depleted soil moisture levels and fuel a recovery of the developing soy crop. Strength in the US dollar amid renewed worries about EU debt produced general weakness in commodities, aiding the defensive theme as well. At the Indore spot market soyoil edged down by -6.6 rupee to 687.75 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 680.8 after opening at 691.9, and finally settled at 682.5. For today's session market is looking to take support at 678.2, a break below could see a test of 673.9 and where as resistance is now likely to be seen at 689.4, a move above could see prices testing 696.3.

Trading Ideas:

Ref soyaoil trading range is 673.9-696.3.

Ref soyaoil ended weak tracking the weak global cues as overseas prices driven lower

Rains forecast to move through Argentina for the next week raise hope of improved crop yields

Strength in US dollar amid renewed worries about EU debt produced general weakness in commodities

At the Indore spot market soyoil edged down by -6.6 rupee to 687.75 rupees 10 kgs.