Ref Soyaoil yesterday traded with the positive node and settled 0.23% up at 781.55 due to firm spot demand amid firm overseas market. India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago, the Solvent Extractors' Association of India said. The Solvent Extractors' Association of India has just compiled the export data for export of oilmeals for the month of June 2012 at 3.05 lakh tonnes compared to 2.50 lakh tonnes in June 2011, up almost 22%.While the the total export of oilmeals during April-June 2012 is reduced and reported at 10.57 lakh tonnes compared to 10.87 lakh tonnes during the same period of last year i. e. down by 2.76%, mainly due to disparity in crushing resulted into less availability of oilmeals for the export. As per latest data release by government , the area under major kharif oilseed has declined by almost 29% as on
5th July 2012 due to poor sowing of groundnut , soyabean and castorseed. At the Indore spot market soyoil edged down by -1.45 rupee to 763.45 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of
776.1 after opening at 777, and finally settled at 781.55. For today's session market is looking to take support at 777.2, a break below could see a test of 772.9 and where as resistance is now likely to be seen at 784.7, a move above could see prices testing 787.9.

Trading Ideas:

Ref soyaoil trading range for the day is 773.3-788.3.

Ref soyaoil ended with gains due to firm spot demand amid firm overseas market.

India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago

The export data for export of oilmeals for the month of June 2012 at 3.05 lakh tonnes

At the Indore spot market soyoil edged down by -1.45 rupee to 763.45 rupees 10 kgs.