Monday, September 08, 2014
Soybean futures fell on Friday to their lowest
level in more than a year due to a drop in soy
meal exports, while Soyoil eased following losses
in rival Malaysian palm oil.
Indian soy meal exports plummeted in August
and are expected to remain weak until the year-
end when the new crop arrives, as poor supplies
and high prices of the animal feed drive
traditional buyers away from the leading Asian
supplier. Oilseeds and Soyoil futures are likely to
edge up in today’s trading session.
Chana extended losses on sluggish demand in
spot markets and on hopes of bumper
production of the winter-sown crop due to heavy
rainfall in the top producing state of Madhya
Guar seed fell on profit-taking after rising 8.1
percent in the previous two sessions, though an
improvement in export demand for guar gum
restricted the downside.
R M Seed
Chart of the Day: Castor seed
Sugar edged up on an improvement in demand
due to festivals, though a drop in global prices
capped the upside. In the next few weeks, India
will celebrate the festivals of Dussehra and
Diwali, a time when sugar demand goes up.
Turmeric extended losses on hopes of higher
production due to good rainfall in key growing
areas. Jeera ended flat as an improvement in
demand offset prospects of higher output due to
good rainfall in the top producing Gujarat state.
NCDEX Castor Seed is in pullback mode from its
low of 3977 and looks to continue the same for the
day. Immediate resistance is at 4125 and
sustained breach above could extend upside.
Intraday buying is advisable, but downside could
resume if it breaches below 3977.
Please refer to disclaimer at the end of the report.