Ref Soyaoil yesterday traded with the negative node and settled -0.04% down at 792.7 due to profit booking driven by a pickup in sowing. Farmers have accelerated sowing after getting rainfall in the past few days. More than half of the soybean sowing has been done and the rest will be over by late next week. 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. Oilseeds have been sown in 10.78 lakh hectares so far, compared with 12.99 lakh hectares same period last year. Soybean sowing is however, up by 37%.According to the Solvent Extractors' Association of India, soymeal exports rose to 180,987 tonnes in June from 117,600 tonnes a year ago which supported the prices in the spot markets. As per latest release from China's General Administration of Customs, the total June edible oil imports in China spurted by 15% from the same month in last year, and 17% from May to 5.40 lakh metric tonnes. While the total imports during January to June reported at 3.27 million tonnes, up 21% from the last year in the same month. At the Indore spot market soyoil edged up by 0.85 rupee to 774.85 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 786.8 after opening at 789.9, and finally settled at 792.7. For today's session market is looking to take support at 788.2, a break below could see a test of 783.7 and where as resistance is now likely to be seen at 795.8, a move above could see prices testing 798.9.

Trading Ideas:

Ref soyaoil trading range for the day is 783.7-798.9.

Ref soyaoil ended with weakness due to profit booking driven by a pickup in sowing.

Farmers have accelerated sowing after getting rainfall in the past few days.

The total June edible oil imports in China spurted by 15% from the same month in last year

At the Indore spot market soyoil edged up by 0.85 rupee to 774.85 rupees 10 kgs.