Ref Soyaoil yesterday traded with the negative node and settled -1.03% down at 690.55 following losses in the overseas markets and on record high imports of edible oils in January. Edible oil supplies are comfortable. Palm oil imports jumped in January. In the coming months edible oil supplies would rise from the new season rapeseed crop. India's vegetable oil imports soared 27.4 percent from a month earlier to hit an all-time high in January on record purchases of cheap palm oil from Southeast Asia. International market sentiments too are weak putting further pressure on the prices. January 2013 imports consisting of 1,132,631 tons of edible oils and 24,499 tons on non-edible oils compared to 659,979 tons in January 2012 i.e. up by 75% The overall import of vegetable oils during Nov.’12 to Jan.’13 is reported at 2,766,088 tons compared to 2,185,254 i.e. up by 26.58%. (SEA of India) In India, higher imports are likely to ease supply in near future. Global soybean production is projected at 269.5 million tons vs 269.4 million tons in January report. The Brazil soybean crop expected to remain at 83.5 million tons vs 82.5 million tons predicted in the January report. The Argentina soybean crop is projected at 53 million tons vs 54 million tons projected in January report. At the Indore spot market soyoil edged down -10.65 rupees to 702.45 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 687.2 after opening at 695, and finally settled at 690.55. For today's session market is looking to take support at 686.3, a break below could see a test of 682 and where as resistance is now likely to be seen at 695.8, a move above could see prices testing 701.

Trading Ideas:

Ref soyaoil trading range for the day is 681.98-700.98.

Ref soyaoil dropped following losses in the overseas markets and on record high imports of edible oils in January.

In the coming months edible oil supplies would rise from the new season crop.

India's vegetable oil imports soared 27.4 percent from a month earlier to hit an all-time high in January.

At the Indore spot market soyoil edged down by -10.65 rupee to 702.45 rupees 10 kgs.