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Technically Ref.Soya Oil market is under long liquidation as market has witnessed drop in open interest by 9.59% to settled at 43650 while prices down 0.45 rupees.
Now NCDEX Ref.Soya Oil is getting support at 753 and below same could see a test of 748 level, And resistance is now likely to be seen at 761, a move above could see prices testing 764.
Ref.Soyaoil on NCDEX settled down by -0.06% at 756.4 on reports of higher crushing by plants during October-January. USDA in its latest monthly update forecast India soyoil production at 16.92 lakh tonnes, up 2.2% on month and 22.1% on year.
Soyoil imports are unchanged for month at 34 lakh tonnes, but up 14% on year. Consumption pegged at 49.5 lakh tonnes, up 7% compared to last year. The export of oilmeals during January 2019, provisionally reported at 283,850 tons compared to 269,668 tons in January 2018.
The overall export during April 2018 to January 2019 is reported at 2,692,452 tons compared to 2,516,657 tons during the same period of last year i.e. up by 7%. The export of rapeseed meal is sharply increased to 897,537 (486,917) tons in first ten months, mainly exported to South Korea, Vietnam and Thailand.
The export of rapeseed meal and soybean meal to China is unlikely to resume during current financial year as procedure for registration with MoA, China is too cumbersome, lengthy and time consuming to complete all formalities.
Iranian market has opened up for Indian soybean meal. The National Oilseed Processors Association (NOPA), whose members account for 95 percent of all U.S. soy crushing, estimated that its members processed 166.959 million bushels of soybeans in November, compared with a record-high 172.346 million in October. At the Indore spot market in Madhya Pradesh, soyoil was steady at 769 Rupees per 10 kgs.
Trading Ideas:
–Ref.Soya Oil trading range for the day is 748-764.
–Ref.Soya Oil settled down on reports of higher crushing by plants during October-January.
–USDA in its latest monthly update forecast India soyoil production at 16.92 lakh tonnes, up 2.2% on month and 22.1% on year.
–Soyoil imports are unchanged for month at 34 lakh tonnes, but up 14% on year. Consumption pegged at 49.5 lakh tonnes, up 7% compared to last year.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 769 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
