Ref Soyaoil yesterday traded with the positive node and settled 0.55% up at 790.8 due to some buying support tracking gains in spot market demand. The country had shipped 1,39,551 tonnes in the same month in 2011, Indore-based SOPA said in a statement. During April-July this year, exports rose 12 per cent to 8,24,208 tonnes from 7,37,522 tonnes in the four-month period of 2010-11. During October-July of the current oil year, soyameal exports fell 3 per cent to 36,10,040 tonnes compared with 37,35,369 tonnes in the same period of the 2010-11 oil year. The country is estimated to have harvested 12.28 million tonnes of soyabean in the 2011-12 crop year (July-June) against 12.73 mt in the year-ago period. USDA WASDE report also supported the market sentiments. USDA has slashed down its estimated of ending stocks for world and US in Aug report as compared to July report. Soy oil production estimates for world and US is also cut down in it latest report which has given further support to the market. As per latest release from China's General Administration of Customs, the total July edible oil imports in China spurted by 4% from the same month in last year, and 35% from June to 7.30 lakh metric tonnes. At the Indore spot market soyoil edged up 0.1 rupees to 776.4 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 779.7 after opening at 783.3, and finally settled at 790.8. For today's session market is looking to take support at 783, a break below could see a test of 775.1 and where as resistance is now likely to be seen at 795.4, a move above could see prices testing 800.
Trading Ideas:
Ref soyaoil trading range for the day is 775.1-800.
Ref soyaoil ended with gains due to some buying support tracking gains in spot market demand.
The country had shipped 1,39,551 tonnes in the same month in 2011 – SOPA
The country is estimated to have harvested 12.28 million tonnes of soyabean in the 2011-12 crop year
At the Indore spot market soyoil edged up by 0.1 rupee to 776.4 rupees 10 kgs.
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