Ref soyaoil trading range for the day is 771.93-781.43. Market is looking to take support at 773.5, a break below could see a test of 771.9 and resistance is likely to be seen at 778.3, a move above could see prices testing 781.4.
Soy oil prices ruled steady in yesterday’s trading session. May future Soy oil prices traded flat at Rs.782.5 at previous levels. However, CBOT May futures ended higher at 55.03 levels up by 0.4%.
Soy oil prices are looking less bearish in comparison to soybeans, as there are no reports of fresh demand for the Edible oil in the current scenario.
At the Indore spot market Soyoil edged down by -2.85 rupee to 768.9 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 775.1 after opening at 776.1, and finally settled at 775.1.
Oilseed complex are expected to trade higher due to supply shortage of global oilseeds coupled with strong demand from China. Strong export demand of domestic Soy meal coupled with lower domestic production estimates of RM seeds are also in favour of the bulls.
Soy oil prices ruled steady in yesterday’s trading session. May future Soy oil prices traded flat at Rs.782.5 at previous levels. However, CBOT May futures ended higher at 55.03 levels up by 0.4%.
Soy oil prices are looking less bearish in comparison to soybeans, as there are no reports of fresh demand for the Edible oil in the current scenario.
At the Indore spot market Soyoil edged down by -2.85 rupee to 768.9 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 775.1 after opening at 776.1, and finally settled at 775.1.
Oilseed complex are expected to trade higher due to supply shortage of global oilseeds coupled with strong demand from China. Strong export demand of domestic Soy meal coupled with lower domestic production estimates of RM seeds are also in favour of the bulls.
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