Refined soyoil futures on NCDEX have slipped nearly 10 % since the beginning of the month. The fall in the Futures could be attributed to hopes of increase in the imports in June and probable cut in the import duty. Meanwhile, high prices of soybean could encourage farmers to plant more in 2021-22 kharif season. This is also weighing on market sentiments. Talk that government could also allow import of soybean into the country also triggered selling pressure.
Going ahead, advancement of monsoon in key growing regions of Maharashtra, Madhya Pradesh and Rajasthan and sowing pattern will determine the trend in Soy Futures.
Soyoil July Futures may fall further towards 1230-1215 levels. Key support is seen at 1215-1200 and resistance may be faced at 1309-1330.