Soyabean trading range for the day is 2676 – 2982.
Soyabean prices dropped by 3.20 percent tracking weakness in spot demand coupled with new season arrivals and higher stocks from last year.
As per data, during the first 25 days of Oct. soybean arrivals have been recorded at 7.6 lakh tonnes compared to close to 9 lakh tones last year.
SOPA has estimated 2017-18 (Oct-Sep) soybean output at 9.15 mt, down from 11.49 mt a year ago. Moreover, on reports of lower meal exports in September is also worrying farmers.
Monday, October 30, 2017 www.kediaadvisory.com Page No. 2 Technical Chart
Madhya Pradesh Government is expected to spend around Rs 15 billion on soybean farmers under price difference or Mukhyamantri Bhavantar Bhugtan Yojana.
SELL SOYABEAN @ 2840 SL 2920 TGT 2750-2690. NCDEX.
Mustard seed trading range for the day is 3641 – 4097.
Rmseed settled down -on profit booking after prices seen supported on winter demand and increase in minimum support price by the government.
As per SEA data, during Nov-Sep, import of mustard oil sharply down to 2.55 lt from 3.33 lt a year ago. There are improved mustard meal exports in first 6 month of FY 2017/18.
As per data compiled by Mustard Oil Producers Association of India, Oil mills across the country crushed 425,000 tn of mustard seed in September, down around 6% from previous month.
The SEA, welcomed the government decision of higher Minimum support prices for mustard and requested the government to higher import duty on edible oil.
SELL RMSEED @ 3900 SL 3960 TGT 3840-3800. NCDEX.
Soyoil trading range for the day is 665.3 – 677.3.
Ref soyoil rose amid firmness in spot demand and due to recovery in soyabean prices despite of hope of higher output from United States and Brazil.
Due to lower oilseed prices and the subsequent financial loss to farmers, SEA has once again requested the Centre to increase the import duty on edible oils.
Currently, the prices have been trading at one month higher due to weak rupee and lower imports of soy oil during the current oil year.
According to data release by SEA, crude soy oil imports down about 24% on year in September compared to last year.
BUY SOYOIL @ 674 SL 666 TGT 682-688. NCDEX.
Crude palm oil trading range for the day is 517.5 – 563.5
Crude palm Oil ended with nominal gains on short covering after prices seen some pressure on easing supply worries in global market.
Data released by South Malaysia Oil Mills Association showed fruits production in Malaysia during Oct 1-20 rose by 18% while palm oil production up 20.58% compared to same period a month ago.
Meanwhile, palm oil production in the world’s top growers may not live up to estimates after all, who reduced his forecasts for Malaysia and Indonesia.
Exports of Malaysian palm oil products for October 1 – 25 rose 8.6 percent to 1,177,939 tonnes from 1,085,116 tonnes shipped during September 1 – 25, cargo surveyor Intertek Testing Services said.
BUY CPO around 540 (CMP 545) SL 532 TGT 548-554. MCX.