Ref.Soyaoil on NCDEX settled up by 0.51% at 723.55 on demand hope in local mandis and on supply worries. Reports of heavy rains damaging crops lent support to the prices. Supply concerns in Argentina may shift demand to US. In addition to it, availability of other edible oil is improving in domestic market and fueling weakness in oil market.

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The export of oil meals more than doubled in December 2016 mainly driven by high demand of non-genetically modified (GMO) soybean meal from France. As per data compiled by Solvent Extractors’ Association of India, the country exported 194,309 tons in December 2016, an increase of 130% from 84,218 tons reported same period last year.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 728 rupees per 10 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 22.09% to settled at 41890 while prices up 3.7 rupee, now Ref.Soya oil is getting support at 721 and below same could see a test of 718 level, And resistance is now likely to be seen at 726, a move above could see prices testing 728.