Ref Soyaoil yesterday traded with the negative node and settled -0.57% down at 675.7 weighed by weak global leads, and on expectations of higher arrivals of in the peak season period. India's edible oil imports in February jumped 9.25 percent on year to 954,176 tonnes. Edible oil imports of India is expected to rise 33% to 14 million ton by 2020 to meet the rising domestic demand, according to Solvent Extractors Association (SEA). About 60 per cent of its domestic demand is met by India through imports. India imports palm oil from Indonesia and Malaysia and soyabean oil from Brazil and Argentina. Argentina's soy crop is estimated at 51.3 mln tons which is more than a million tons under the country's all-time record crop, but far higher than the drought-hit 2011-12 season, according to the Agriculture Ministry. India, the world's top importer of vegetable oils, meets more than half of its edible oil demand through imports, largely palm oil. The 2012/13 soybean harvest in Brazil is approaching 70% complete. In the three biggest soybean producing states, Mato Grosso, Parana, and Rio Grande do Sul, the soybean harvest has reached 97%, 75%, and 25% complete, respectively. At the Indore spot market soyoil edged down -1.05 rupees to 691.2 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 673.8 after opening at 677.7, and finally settled at 675.7. For today's session market is looking to take support at 673.3, a break below could see a test of 670.8 and where as resistance is now likely to be seen at 678.7, a move above could see prices testing 681.6.

Trading Ideas:

Ref soyaoil trading range for the day is 670.83-681.63.

Ref soyaoil dropped weighed by weak global leads, and on expectations of higher arrivals of in the peak season period.

India's edible oil imports in February jumped 9.25 percent on year to 954,176 tonnes.

Argentina's soy crop is estimated at 51.3 mln tons which is more than a million tons under the country's all-time record crop.

At the Indore spot market soyoil edged down by -1.05 rupee to 691.2 rupees 10 kgs.