NCDEX Ref.Soya Oil under fresh selling; Support seen at 756

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Technically Ref.Soya market is under fresh selling as market has witnessed gain in open interest by 8.97% settled at 22220 while prices down 3.15 rupees.

Now Ref.Soya Oil is getting at 756 and below same could see test 754 levels, and is now likely to be seen at 761, move above could see prices testing 764.

Ref.Soya Oil on NCDEX settled down by 0.41% at 758 due to sufficient stocks with the millers and traders.  Indian government hiked the base price for import of CPO and soyoil while lowered RBD palmolein for the current fortnight tracking trends in global markets.

In the third advanced estimates, ministry expects higher Indian Soybean crop (Kharif) at 137.43 lakh tonnes for 2018/19 season against 109.33 lakh tonnes in 2017/18. According to Solvent Extractors Association (SEA), Import of vegetable oils during August 2019 Up by 5% to 1,586,514 tons compared to 1,512,597 tons in August 2018, consisting 1,523,261 tons of edible oils and 63,253 tons of non-edible oils.

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However, the overall import of vegetable oils during November 2018 to August 2019 is reported at 12,867,486 tons compared to 12,278,673 tons during the same period of last year i.e. up by 5%. U.S. soybean production for the 2019-2020 marketing year at 3.6 billion bushels, down 47 million from its previous forecast, citing a lower yield forecast of 47.9 bushels per acre.The USDA also forecast ending stocks of soybeans at 640 million bushels, down 115 million from last month’s view. At the Indore spot market in Madhya Pradesh, soyoil was steady at 757.45 Rupees per 10 kgs.

Trading Ideas:
–Ref.Soya Oil trading range for the day is 754-764.
–Ref.Soya Oil prices dropped due to sufficient stocks with the millers and traders.
–In , ministry expects higher Indian Soybean crop (Kharif) at 137.43 lakh tonnes for 2018/19 season against 109.33 lakh tonnes in 2017/18.
–Import of vegetable oils during August 2019 Up by 5% to 1,586,514 tons compared to 1,512,597 tons in August 2018.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 757.45 Rupees per 10 kgs.

Courtesy: Kedia

Source: Comodity Online

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