Ref Soyaoil yesterday traded with the positive node and settled 0.41% up at 704 tracking firmness in spot market demand.
Traders were also awaited the U.S. Department of Agriculture's (USDA) reports on the demand and supply of main agriculture crops.
Argentina's Agriculture Ministry in its monthly report reduced its soybean forecast to 48.9 million tonne from 52 million tonnes.
Brazil’s production estimates are reduced to 71.50 million tonnes this year from 75.3 million tonnes last year.
Appreciation of Indian rupee again US dollar in the last 2-3 trading sessions also provided support to the bears as imports of edible oil would be cheaper and India imports about 50% of its total requirement.
At the Indore spot market soyoil edged up by 1.65 rupee to 701.55 rupees 10 kgs.
In yesterday's trading session Ref Soyaoil has touched the low of 699.6 after opening at 703.3, and finally settled at 704.
For today's session market is looking to take support at 700.6, a break below could see a test of 697.1 and where as resistance is now likely to be seen at 706.5, a move above could see prices testing 708.9.
Trading Ideas:
Ref soyaoil trading range for the day is 697.13-708.93.
Ref soyoil ended with good gains tracking firmness in spot market demand.
Traders were awaited USDA reports on the demand and supply of main agriculture crops
Argentina's Agriculture Ministry in its monthly report reduced its soybean forecast to 48.9 million tonne
At the Indore spot market soyoil edged up by 1.65 rupee to 701.55 rupees 10 kgs.
Courtesy: Kedia Commodities
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