NCDEX November soybean futures traded lower in the morning hours on account of weak overseas market and higher domestic soybean output estimates mainly due to higher sowing acreage this year as compared to last year.
However, prices recovered an hour’s before closing the market on account of short covering and finally managed to close mildly higher as compared to previous trading session.
As per 49th All India Convention on Oilseeds, oils Trade and Industry which was organized by COIIT and hosted by SOPA on November 06, 2001 (Sunday).
COIIT estimates, India soybean output in Kharif 2011 at 115 lakh tonnes against 95 lakh tonnes last year. Soybean futures on the Dalian Commodity Exchange fell sharply, tracking a broad decline for commodities, as concerns mounted over the deteriorating economic situation in the euro zone.
China's soybean imports in October fell to a seven-month low of 3.81 million tons, down 8% from September, as many domestic crushers delayed shipments, preferring to wait for global prices to fall further amid sluggish domestic sales.
USDA’s monthly S& D report released on Wednesday (November 09, 2011) which shows slightly higher global oilseeds production estimates and higher ending stocks. Global oilseed production for 2011/12 is projected at 454.8 million tons, up 1.3 million tons from last month.
Brazil soybean production is increased 1.5 million tons to 75 million with improved yield prospects related to rapid planting progress and good early season moisture throughout the country.
Total U.S. oilseed production for 2011/12 is projected at 91.2 million tons, down 0.5 million from last month due to lower soybean and cottonseed production. The soybean yield is forecast at 41.3 bushels per acre, down 0.2 bushels from last month.
USDA’s weekly export sales released on Thursday (November 10, 2011) which shows that the Weekly export sales for soybeans came in at 604,000 metric tonnes for the current marketing year and 2,800 for the next marketing year for a total of 606,800.
Meal sales came in at 291,400 metric tonnes for the current marketing year and 4,400 for the next marketing year for a total of 295,800. Oil sales came in at 21,700 metric tonnes as compared with 12,000 metric tonnes.
Mustard Seed
NCDEX November RM Seed futures higher due to improved demand from miller in anticipation of higher prices in coming days. Total sowing acreage of RM Seed in Rajasthan increased to 22.58 lakh hectares till November 08, 2011 as compared to 21.50 lakh hectares last year during the same period. Rajasthan is a major producing state of RM Seed in India.
Refine Soy Oil
NCDEX November Refined Soy oil futures traded higher due to depreciation of INR against US dollar. Import of vegetable oil would be costly due to depreciation of INR against US dollar.
As per Intertek Agri Services ( a cargo surveyor), Malaysia's palm oil exports during the November 1-10 fell 5.9% from a month ago to 467,600 metric tons. As per malysia Palm Oil Board (MPOB), Malaysia’s crude palm oil output rose 2.1% in October compared with a month earlier to 1.91 million tonnes.
The Malaysian Palm Oil Board (MPOB) which released the October data showed a 2.1% increase in crude palm oil (CPO) production. Inventory levels fell 1.55% to 2.1 million tonnes from September but remained significantly higher than the five-year average of 1.7 million tonnes.
Courtesy: Angel Commodities
However, prices recovered an hour’s before closing the market on account of short covering and finally managed to close mildly higher as compared to previous trading session.
As per 49th All India Convention on Oilseeds, oils Trade and Industry which was organized by COIIT and hosted by SOPA on November 06, 2001 (Sunday).
COIIT estimates, India soybean output in Kharif 2011 at 115 lakh tonnes against 95 lakh tonnes last year. Soybean futures on the Dalian Commodity Exchange fell sharply, tracking a broad decline for commodities, as concerns mounted over the deteriorating economic situation in the euro zone.
China's soybean imports in October fell to a seven-month low of 3.81 million tons, down 8% from September, as many domestic crushers delayed shipments, preferring to wait for global prices to fall further amid sluggish domestic sales.
USDA’s monthly S& D report released on Wednesday (November 09, 2011) which shows slightly higher global oilseeds production estimates and higher ending stocks. Global oilseed production for 2011/12 is projected at 454.8 million tons, up 1.3 million tons from last month.
Brazil soybean production is increased 1.5 million tons to 75 million with improved yield prospects related to rapid planting progress and good early season moisture throughout the country.
Total U.S. oilseed production for 2011/12 is projected at 91.2 million tons, down 0.5 million from last month due to lower soybean and cottonseed production. The soybean yield is forecast at 41.3 bushels per acre, down 0.2 bushels from last month.
USDA’s weekly export sales released on Thursday (November 10, 2011) which shows that the Weekly export sales for soybeans came in at 604,000 metric tonnes for the current marketing year and 2,800 for the next marketing year for a total of 606,800.
Meal sales came in at 291,400 metric tonnes for the current marketing year and 4,400 for the next marketing year for a total of 295,800. Oil sales came in at 21,700 metric tonnes as compared with 12,000 metric tonnes.
Mustard Seed
NCDEX November RM Seed futures higher due to improved demand from miller in anticipation of higher prices in coming days. Total sowing acreage of RM Seed in Rajasthan increased to 22.58 lakh hectares till November 08, 2011 as compared to 21.50 lakh hectares last year during the same period. Rajasthan is a major producing state of RM Seed in India.
Refine Soy Oil
NCDEX November Refined Soy oil futures traded higher due to depreciation of INR against US dollar. Import of vegetable oil would be costly due to depreciation of INR against US dollar.
As per Intertek Agri Services ( a cargo surveyor), Malaysia's palm oil exports during the November 1-10 fell 5.9% from a month ago to 467,600 metric tons. As per malysia Palm Oil Board (MPOB), Malaysia’s crude palm oil output rose 2.1% in October compared with a month earlier to 1.91 million tonnes.
The Malaysian Palm Oil Board (MPOB) which released the October data showed a 2.1% increase in crude palm oil (CPO) production. Inventory levels fell 1.55% to 2.1 million tonnes from September but remained significantly higher than the five-year average of 1.7 million tonnes.
Courtesy: Angel Commodities