Ref.Soyaoil on NCDEX settled up by 0.46% at 636 on short covering after prices dropped on higher supply. Soyoil's premium over palm oil at $104 per ton compared to average of $102 per tons over past year has led the demand to shift on palm oil. Further, import of soybean oil for July is above parity of Rs 4 per 10 kilogram compared to soy oil prices on NCDEX which indicates oversupply situation. Meanwhile, soyoil end stocks fell in US in April on lower production of soy oil due to lower crush of soybean is bullish for soy oil prices in medium term.

Trading Ideas:

* Ref.Soya oil trading range for the day is 628-642.

* Ref soyoil ended with gains on short covering after prices dropped on higher supply.

* Soyoil's premium over palm oil at $104 per ton compared to average of $102 per tons over past year has led the demand to shift on palm oil.

* Global oilseed production changes for 2016/17 include higher soybean production in Brazil and Argentina and higher peanut production in India.

* At the Indore spot market in Madhya Pradesh, soyoil was steady at 620 Rupees per 10 kgs.

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