Thursday, December 15, 2016
India Pulses and Grain Association (IPGA) have urged
government to withdraw restrictions on stockholding
by traders and millers, to ensure smooth supply of
pulses in domestic market. IPGA representation also
asked for the government to invite private sector
participation in creating modern storage infrastructure
Solvent Extractors Association (SEA) reported that Palm
oil imports fell by 8.27% to 8,01,311 tonnes in
November, on expected bumper oilseeds crop and
better domestic edible oils supply.
Import of soyabean oil declined to 1,64,286 tonnes in
November from 2,56,836 tonnes while rapeseed oil
shipments stood at 32,195 tonnes.
Mentha oil prices strengthened expanding positions by
participants owing to strong demand from consuming
industries in the spot market against tight stocks
position on fall in supplies from Chandausi in Uttar
Pradesh, mainly kept mentha oil prices higher.
Indian cotton industry has estimated Pakistan to
import 700,000-800,000 bales in 2016-17. Last year,
India had exported 2.5 million bales to Pakistan but
Jeera sowing area likely to increase in Gujarat state.
Around 35 – 45% area may increase this year, some
new area also come up to Jeera crop in this region due
to increase in irrigation facility.
Malaysian palm oil futures rose after closely watched
output and export data released during the midday
break supported bullish sentiment.
U.S. soybean futures fell to a three-week low forecasts
for rain in dry areas of Argentina's crop belt took out
some of the weather premium built into the market.
R M Seed
Chart of the Day: NCDEX Soybean
Short-covering was seen in NCDEX Soybean in the previous
session, but overall bias looks sideways-to-negative as long
as 3160 is capped as strong resistance area. The counter
could test 2925 in short-term. Selling on rise is still
advised, but our bias will negate if price break and sustain
above resistance levels.
Please refer to disclaimer at the end of the report.