Ref Soyaoil yesterday traded with the positive node and settled 0.94% up at 700.8 supported by lower arrivals and a jump in overseas prices which are closely tracked by domestic traders.
As per latest release from Solvent Extractors' Association of India, the total oilmeal exports during April 2011 to January 2012 is reported at 4.41 tonnes compared to 3.78 million tonnes during the same period of last year, up by 17%.
This was mainly due to sharp depreciation of Indian rupee against dollar along with strong soyabean kharif production in the current year.
The export of oilmeals in January 2012 was reported at 5.49 lakh tonnes as compared to 6.40 lakh tonnes in January 2011.
The total production of Argentine soybean production is estimated at 48.5 million tonnes, down from 50.5 million tonnes in January.
In the case of Brazil, the average forecast is at 71.7 million tonnes against 74.0 million tonnes in January. This might also maintain the buoyancy in international soyabean prices.
At the Indore spot market soyoil edged up by 3.7 rupee to 699.9 rupees 10 kgs.
In yesterday's trading session Ref Soyaoil has touched the low of 696 after opening at 696.5, and finally settled at 700.8.
For today's session market is looking to take support at 697, a break below could see a test of 693.3 and where as resistance is now likely to be seen at 703.5, a move above could see prices testing 706.3.
Trading Ideas:
Ref soyaoil trading range for the day is 693.27-706.27.
Ref soyoil ended with gains supported by lower arrivals and a jump in overseas prices
The total oilmeal exports during April 2011 to January 2012 is reported at 4.41 tonnes
Total production of Argentine soybean production is estimated at 48.5 mln tns, down from 50.5 mln tns
At the Indore spot market soyoil edged up by 3.7 rupee to 699.9 rupees 10 kgs.
Courtesy: Kedia Commodities
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