Ref soyaoil yesterday traded with the negative node and settled -0.23% down at 735.35 as a drop in overseas prices outweighed the depreciating rupee. The country imported 4.71 million tonnes of vegetable oils in November to April, up 31 percent from the year-ago period. Private forecasters continue to see tightening old crop ending stocks as both crush and export demand has been better than expected. Weekly export inspections came in at 12.4 million bushels which was in line with trade expectations. Exports need to average 11.8 million bushels per week to reach the USDA projection for the year. Traders see the short-term weather as a negative force but a shift back to a warmer and drier than normal pattern for the 11-15 day forecast models has helped to provide some support. According to data compiled by the Solvent Extractors’ Association of India, import of vegetable oils during April was 925,334 tonnes, compared to 475,123 tonnes in April 2011, consisting of 897,404 tonnes of edible oils and 27,930 tonnes non-edible oils, up by 95 per cent. At the Indore spot market soyoil edged up by 3.45 rupee to 729.75 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 732.7 after opening at 734, and finally settled at 735.35. For today's session market is looking to take support at 732.5, a break below could see a test of 729.6 and where as resistance is now likely to be seen at 738.4, a move above could see prices testing 741.5.

Trading Ideas:

Ref soyaoil trading range for the day is 729.62-741.52.

Ref soyaoil ended as a drop in overseas prices outweighed the depreciating rupee.

The country imported 4.71 million tonnes of vegetable oils in November to April, up 31%

Import of vegetable oils during April was 925,334 tonnes, compared to 475,123 tonnes in April 2011

At the Indore spot market soyoil edged up by 3.45 rupee to 729.75 rupees 10 kgs.