MCX Crude Palm Oil under short covering; Resistance seen at 527.2
MCX Crude Oil under long liquidation: Support seen at 3995
NCDEX Soyabean under long liquidation
MCX Silver likely to move in a range of 37846-38458
MCX Gold under short covering; Support seen at 31732
Technically Ref. Soya Oil market is under fresh selling as market has witnessed gain in open interest by 5.14% to settled at 54630 while prices down 0.75 rupees.
Now NCDEX Ref. Soya Oil is getting support at 739 and below same could see a test of 737 level, And resistance is now likely to be seen at 742, a move above could see prices testing 743.
Ref. Soya Oil on NCDEX settled down 0.1% at 740.75 amid reports of higher availability of oil from domestic crushing and hopes of cheaper imports due to weak prices in global markets. Millers crushed 4.85 million tons of soybean during Oct-Feb this year up from 4.4 million tons a year ago, data from Soybean Processors Association of India (SOPA) showed.
According to National Oilseed Processors Association (NOPA), members are expected to crush 3.3 % higher Soybean to 158.73 million bushel in February 2019 compared to last year record in the same month on account of profitable U.S. soy crush margins and ample supplies of beans. However, it would be lower by 7.5% from January 2019. U.S.
January soybean crush stood at 171.630 million bushels. In a fortnightly notification, Government cut tariff value of crude soy oil by 5 dollar to $753 per tn for the first half of March. USDA in its latest monthly update forecast India soyoil production revised down by more than 4% to 16.20 lt, however, production is higher y/y by 16.9%. Soyoil imports are unchange at 34 lt, but up 14% on year.
Consumption pegged at 49.5 lt, up 7% compared to last year. According to monthly report released by Solvent Extractors Association, crude soy oil imports down 17.3% on year to 1.86 lakh tonnes (lt) in January 2019. For Nov-Jan period, soy oil import volume drop 17.8%.
–Ref. Soya Oil trading range for the day is 736-744.
–Ref. Soya Oil prices dropped amid reports of higher availability of oil from domestic crushing and hopes of cheaper imports.
–Millers crushed 4.85 million tons of soybean during Oct-Feb this year up from 4.4 million tons a year ago.
–According to NOPA, members are expected to crush 3.3 % higher Soybean to 158.73 million bushel in February 2019 compared to last year record in the same month
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 768 Rupees per 10 kgs.
Courtesy: Kedia Commodities