NCDEX April soybean futures ended traded lower in the morning hours after making a low of Rs 2443 a quintal, prices surged an hour before closing the market and finally managed to close mildly higher as compared to previous day’s close as higher export figures of domestic Oilmeal of the month of February, it is double as compared to February 2010.
Domestic Oilmeal Exports: As per Solvent Extractors Association of India, India’s February Oilmeal exports were 703,400 tonnes vs 329,448 tonnes a year ago in the same month. April 2010 to February 2011 (11 month) oil meal exports were 45 lakh tonnes against 30 lakh tones during the same period last year. February soymeal exports were 540,360 tonnes vs 220,552 tonnes a year ago.
Arrivals: Daily arrivals of soybean in Madhya Pradesh were at 35,000 bags yesterday and around 2200 bags in Indore Mandi.
Mustard Seed
NCDEX April RM Seed futures closed lower due to fresh arrivals amid favorable weather conditions. Also, higher production estimates of RM Seed this year as compared to last year pressurize the prices.
Daily arrivals of RM seeds in Rajasthan were at 70000 bags and throughout India was around 1 lakh bags, Production: As per Ministry of Agriculture, GOI, India’s RM Seed production estimates at 74 lakh tonnes for 2011, up 12% as compared to 66 lakh tonnes in the last year. However, India Rabi oilseeds production estimates for 2011 is 96 lakh tonnes, up 5.5% as compared to 91 lakh tonnes last year.
Refined Soy oil
NCDEX April Refined soy oil futures ended slightly lower on lower demand at prevailing prices in local market. Higher production estimates of soy oil also added bearish markets sentiments. Domestic Soy oil production is projected to increase by 10.24 % at 14 lakh tonnes this year against 12.7 lakh tonnes last year.
News: Global palm oil production stood at about 45 million tonnes in 2010, with India buying about 8 million tonnes, China 7 million tonnes, and Europe 6 million tonnes.
Palm oil production in Indonesia and Malaysia, the world's top two suppliers, will stay above 40 million tonnes per annum this year on improving yields, said a leading agronomist on Tuesday.
Malaysian Palm Oil Production & Exports:
As per Intertek Agri Services (a cargo surveyor), exports of Malaysian palm oil during the February 1-25 fell 8.2 percent from 973,441 tonnes as compared to the same period in the last month.
Outlook:
Soybean in the intraday are expected to trade lower on weak overseas market as higher production estimates of Brazil due to favorable weather condition.
