Ref Soy oil yesterday traded with the positive node and settled 0.22% up at 650.75 with a firm trend in spot market. USDA report on world demand and supply estimates seems positive for the soy oil.
The beginning stocks during marketing year 2011-12 are expected to remain less in almost all major producing and consuming countries. Production and ending stocks in India are expected to less next year as compared to current year.
As per the USDA report, the 2010-11 US soy oil stocks is expected to remain at 2.473 billion pound vs 2.358 billion pound last year. World soy oil production for the next year is estimated at 432 LT vs 418 LT current year. At the Indore spot market soyoil edged up by 4.7 rupee to 643.1 rupees 10 kgs.
In yesterday's trading session Ref Soyaoil has touched the low of 648.1 after opening at 650.9, and finally settled at 650.75.
For today's session market is looking to take support at 648.1, a break below could see a test of 645.5 and where as resistance is now likely to be seen at 653.3, a move above could see prices testing 655.9.
Trading Ideas:
Ref soyaoil trading range is 645.5-655.9.
Ref Soyaoil yesterday traded with the positive node with a firm trend in spot market
Ref Soya oil looks to take support at 648.10 level
Ref Soya oil having resistance at 653.30 level
At the Indore spot market soyoil edged up by 4.7 rupee to 643.1 rupees 10 kgs.
