Commodity Trading Tips for Ref Soyaoil by KediaCommodity

Ajay Kumar Kedia 17 August 2012

Ref-Soya-Oil Ref Soyaoil yesterday traded with the positive node and settled 0.51% up at 794.8 tracking gains in spot market demand. While the total imports during January to July reported at 4 million tonnes, up 18% from the last year in the same month. Indian farmers have cultivated soybean on 10.54 million hectares as on Aug. 8, compared with 10.01 million hectares at the same time a year earlier. Global oilseed production for 2012/13 is projected at 457.3 million tons, down 8.5 million tons from last month. Reductions for soybeans, sunflower seed, peanuts, and cottonseed are only partly offset by increased rapeseed production. Lower soybean production is projected for the United States, Canada, and EU-27 due to lower yields resulting from hot, dry weather. As per latest data compiled by Solvent Extractors Association of India, Import of Vegetable oils (edible & non-edible) during first nine months of current oil year indicates 20.22% increase in import. Import during July 2012 is reported at 8.70 lakh tonnes compared to 9.13 lakh tonnes in July 2011, consisting of 8.48 lakh tonnes of edible oils and 0.22 lakh tonnes of non-edible oils i.e. down by 4.69%.The overall import of vegetable oils during November 2011 to July 2012 is reported at 72.65 lakh tonnes compared to 60.43 lakh tonnes i.e. up by 20.22%.At the Indore spot market soyoil edged up 1.5 rupees to 777.9 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 790.8 after opening at 791.15, and finally settled at 794.8. For today's session market is looking to take support at 791.4, a break below could see a test of 788 and where as resistance is now likely to be seen at 797.6, a move above could see prices testing 800.4.