REF. soybean oil, yesterday settled to 0.93% at 649 due to growing demand on the spot markets and record low rupiah also supported prices. Soybeans were supported by worries that if the heavy rains continue for the next couple of days, could hinder the growth process for oilseed crops. According to the most recent version of the soybean processors Association (SOPA) Total exports of soyameal during July 2013 year reported 1.07 tonnes, Lakh, compared with 1.68 Lakh tons in July 2012, showing a decrease of 36% over the last year. On the basis of the fiscal year, exports during October 2012 the year before July 2012 year was reported at 31.15 Lakh tonnes compared to 36.10 Lakh tonnes in the same period of the previous year, showing a decrease of 13.7%, had a good spurt in Kharif oilseeds sowing with acreage, Spurting at 37% to 149.82 Lakh hectares. Demand for soybeans from the local solvent extractors steadily ahead of the festive season. But local prices haven't gotten much in the last year on a constant upward tick in imported edible oil. Import of vegetable oils from India, increased by 12% between November and June 2012 2013 71.45 Lakh tonnes, according to the latest update from solvent Extractor Association. This year a new soybean supply is expected to reach the market in September, a month in advance, as a result of early sowing. On the spot market Indore Madhya Pradesh aggravating was steady at 673 rupees per 10 kg. Now link soybean oil becomes support at and below the same 646.7 could see the test level and the resistance of 644.3 currently most likely can be seen at 651.2, step above could see prices testing 653.3.
Trading ideas:
REF. soybean oil, trading range for the day-643-653.
Ref aggravating ended with profits due to growing demand in the spot market and record-low rupiah also supported prices.
Soybeans were supported by worries that if the heavy rains continue for the next couple of days, could hinder the growth process.
Total exports during July soyameal 2013 year reported 1.07 tonnes, Lakh, compared with 1.68 Lakh tons in July 2012 year
On the spot market Indore Madhya Pradesh aggravating was stable at 673.25 rupees per 10 kg.
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