Ref. Soya oil yesterday settled down by -1.07% at 707.40 as prices seen under pressure due to the absence of oilmeal export demand. Reports of good Monsoon kept overall sentiments in the edible oil complex down. Timely progress of the monsoon over soybean-growing areas of central India will boost output prospects for the main summer season oilseed crop by giving sufficient time to mature. Chance of monsoon arrival anytime is keeping soybean down, while rapeseed reflected the negative sentiment. Soy markets in the United States, tracked by palm, crumbled after news that China, the world's largest buyer of soybean, had cancelled a 147,000 tonne order for U. S. soy. India's vital monsoon rains are expected to hit anytime now over the southern coast. India's weather office has forecast the monsoon onset over the Kerala coast by June 3, give or take four days, a time period treated as normal. India's soy meal exports M/M fell 67% in April 2013, according to the Solvent Extractors' Association of India (SEA of India). Demand is sideways in the physical markets and traders are avoiding to make any aggressive buying. India's Kharif Oilseeds Sowing Area As On May 30 At 0.04 Mln Hectare. Now Ref. Soya oil is getting support at 704.10 and below same could see a test of 700.90 levels, and resistance is now likely to be seen at 712.80, a move above could see prices testing 718.20.

REF SOYA OIL

Ref soyaoil trading range for the day is 711.53-720.33.

Ref Soyaoil settled down as prices seen under pressure due to the absence of oilmeal export demand.

Reports of good Monsoon kept overall sentiments in the edible oil complex down.

India's Kharif Oilseeds Sowing Area As On May 30 at 0.04 Mln Hectares

At the Indore spot market soyoil edged down by -2.4 rupee to 724.4 rupees 10 kgs.

BUY REF.SOYA OIL JLUY @ 715 SL 713.50 TGT 717.50-720.NCDEX