Boiling News & Veg Oils ,crude

crude oil 145.47............:03-06-2008

144.19 145.85 143.80 145.47 Jul 03, 07:08 - 1.90 253397 143.57
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Oilseeds flat with a positive bias
3 Jul 2008 1:35 pm

Mumbai – Indian vegetable oilseed futures reversed the earlier losses and are trading almost flat at noon with a positive bias at noon supported by short-covering of yesterday’s losses, reduction of losses in global edible oil markets, record high crude oil. The sowing progress and current losses in US soy complex are preventing the market from improving gains.



The Malaysian palm oil futures is trading flat affected by current losses in US soy oil. However, record high crude oil and overnight gains in US soy oil are limiting the losses.



The US soy complex had rallied overnight with soybean settling at new record highs. However, the markets have been trading down in electronic trading. The losses have shown some reduction and currently August soy oil and August soybean are quoting down by 88 points and 19.75 cents on e-CBOT against morning losses of 144 points and 20 cents respectively.



The energy markets rallied overnight and are quoting up currently too with August crude oil at the New York Mercantile Exchange trading at $ 144.44 a barrel.



The Indian oilseed futures are trading positively in highly range-bound trading on short covering of yesterday’s losses supported by the huge overnight gains in US soy complex, crude oil. However, the sowing progress of khariff oilseeds and current losses in US soy complex are limiting the gains.



The domestic cash markets are not seeing any major activity on account of the national bandh call made by VHP and the ongoing truck strike. This too is keeping the market range-bound and supporting the short-covering in the futures markets. Indian truckers have started an indefinite strike from Wednesday, which can affect the movement of oilseeds, oils and oilmeal. However, there are no supply squeezes currently.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 13.25 hours is trading higher at Rs. 2,751.00 [+ 0.50] per 100 kg with 46,790 tonnes traded. July soybean at National Board of Trade [NBOT] is up at Rs. 2,760.50 [+ 0.50] per 100 kg.



Most active mustard seed August futures on NCDEX is trading higher at Rs. 681.90 [+ 0.85] per 20 kg with 43,230 tonnes traded.



August CPO at Multi Commodity Exchange of India is trading higher at Rs. 518.90 [+ 0.50] per 10 kg with 2,560 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] is trading flat with benchmark September contract quoting unchanged at MYR 3,616.00 [0.00] a tonne with 4,337 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex made sharp gains on Wednesday too with soybean settling at a new all-time high on tight supply outlooks, technical buying and weather concerns for the 2008 soy crop. July soybeans settled 17 3/4 cents higher at $16.45 3/4 and November soybeans ended 20 cents higher at $16.30. December soymeal settled $8.30 higher at $427.50 per short ton. December soy oil finished 107 points higher at 69.45 cents per pound.



CASTOR SEED



Castor seed futures has reversed the opening gains and is trading down with profit booking of the sharp gains made in the recent sessions being seen. The physical markets are not seeing any activity on account of the ‘Bharat Bandh’ and strike by truckers. However, players feel the sentiments are bullish as lack of sowing in Andhra Pradesh would lead to supply tightness in October – November, when normally arrivals begin from Andhra Pradesh.



Castor seed August contract at NCDEX is trading lower at Rs. 584.10 [- 2.40] per 20 kg with 370 tonnes traded.
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Spot Soya oil prices - July 03
3 Jul 2008 1:10 pm

Mumbai - Following are soy oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Soy oil 03/07/08 02/07/08
Min Max Min Max
Mumbai 680 681 680 681
Indore 680 681 675 676
*Akola 700 701 700 701
Alwar 690 691 698 699
*Amravati 700 700 700 700
Bharatpur 690 691 698 699
Bundi 685 686 690 691
Chennai 690 691 685 686
*Kolkata 715 716 715 716
Hyderabad 685 686 685 686
*Jalana 698 699 698 699
Kakinada 685 686 685 686
Kandla 675 676 675 676
*Kanpur 710 711 710 711
*Latur 700 701 699 700
Manglore 682 683 680 681
*Nagpur 707 708 708 709
*Nandad 700 701 698 699
Rajkot 660 662 655 660
*Solapur 698 699 700 701
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Spot Groundnut oil prices - July 03
3 Jul 2008 1:05 pm

Mumbai - Following are groundnut oil prices of various markets in India at morning session. All prices are in Rs. per 10kg, Excluding Value added Tax (VAT).

Groundnut oil 03/07/08 02/07/08
Min Max Min Max
Mumbai 740 741 740 741
Rajkot 700 705 700 705
Hyderabad 720 721 725 726
Ahemdabad 700 705 710 711
Chennai 690 691 680 681
Kurnool 708 709 708 709
Narsarropeth 705 706 710 711
Prodattour 703 704 703 704
Bikaner 668 670 670 675
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Maharashtra soybean plant rates - July 03
3 Jul 2008 1:19 pm

Mumbai - Following are the rates offered by soybean plants in Maharashtra today.

Plant
Place
Rates

Kirti
Krishnur
2835

Kirti
Latur
2840

Tina
Latur
2810

Srinivasa
Nanded
2785

Kohinoor
Nanded
2785

Saismaran
Nanded
2785

New Mah
Dhulia
2850

Disan
Dhulia
2850

Sanjay soya
Dhulia
2850

Radhakrishna
Sangli
2860

Chakan
Sangli
2875

Bhakti exp
Jalna
2850

Shivparvati
Hingoli
2775

Siddharth
Akola
2770

Bhaskar
Amravati
2725

kargil
Nagpur
2725

Shamkala
Bhandara
2750

Tanya
Nagpur
2760
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Madhya Pradesh soybean plant rates - July 03
3 Jul 2008 1:20 pm

Mumbai - Following are the rates offered by soybean plants in Maharashtra today.

Plant
Place
Rates

Laxmi solvex
Dewas
2750

Premier
Dewas
2740

Divya Jyoti
Narsinghpur
2750

Kirti
Dewas
2730

Ruchi Soya
Indore
2750

Prestige
Indore
2730

Adani
narsing
2710

Kargil
Indore
2740

Kastra/kirti
Dewas
2730

Gujarat Ambuja
Pritampur
2715

Dhanlaxmi
Shajapur
2740

Mumbai edible oil prices - July 04
4 Jul 2008 10:43 am

Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT)

Variety/Day
03/07/08 04/07/08 Change
Sunflower oil Exp
675 675 -
oil Ref
730 730 -
Groundnut oil
740 730 -10
RBD Palmolein
584 586 +2
Cottonseed oil ref
673 673 -
Mustard oil
697 698 +1
Ref Soy oil
680 680 -
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Oilseeds mixed in cautious trading
4 Jul 2008 10:47 am

Mumbai – Indian vegetable oilseed futures were trading mixed with a downward bias in range-bound trading on mixed cues from global cues, end of truckers’ strike and cautious behaviour by players ahead of today’s sowing report. However, the good demand amid tight supply in the domestic market is supportive for the market.



The Malaysian palm oil futures has ended the morning session down in range-bound trading, affected by overnight losses in US soy oil. The US soy complex closed mixed overnight, with soy oil closing down. However, soybean ended at new all-time highs on concerns for 2008 crop, which is limiting the losses in the Indian markets. The US markets are closed today.



The energy markets too made strong gains overnight with August crude oil at the New York Mercantile Exchange settling at a record $ 145.29 a barrel, up by $ 1.72 a barrel.



The Indian oilseed futures is seeing marginal losses affected by the mixed cues from the global markets and cautious trading ahead of sowing data that will be released in the evening today. The three-day-old truckers' strike has been called off following an agreement between the transporters and the government after marathon negotiations that lasted for about ten hours, which is also supporting the selling.



Last week’s sowing report had showed that sowing of soybean, country's main oilseed was affected by rainfall. Players are expecting better reports this week as sowing was reported to have picked up this week following good rains in the growing regions.



The Indian Meteorological Department has reported deficient seasonal rainfall [01 June to 02 July 2008] in seven sub-divisions of which Marathwada [- 57% deviation from normal] and Rayalseems [-38%] are the most badly affected. Gujarat, Madhya Pradesh and other parts of Maharashtra received good rains in this week, which has reduced the deficiencies in these regions.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.35 hours is trading lower at Rs. 2,762.00 [- 2.50] per 100 kg with 10,610 tonnes traded. Other contracts are trading mixed.



August CPO at Multi Commodity Exchange of India is trading lower at Rs. 518.90 [- 0.60] per 10 kg with 6,180 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session down on profit-booking of yesterday’s late gains and overnight losses in US soy oil. The weak local fundamentals are also affecting sentiments.



The benchmark September contract has ended the session down at MYR 3,618.00 [- 17.00] a tonne with 2,499 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed mixed with soybean and soymeal making strong gains for the fourth successive sessions. However, soy oil closed down on pre-holiday weekend profit-booking. The market was worried about a tighter supply situation than already forecasted on concerns that bad weather would impact the yield-potential of sown crops. July soybeans are trading up by 94% compared to last year.



July soybeans settled 12 1/4 cents higher at $16.58 and November soybeans ended 1 cent higher at $16.29. December soymeal settled $1.50 higher at $429.00 per short ton. December soy oil finished 47 points lower at 69.45 cents per pound.



MUSTARD SEED



Mustard seed futures is trading lower affected by the losses in US soy oil, Malaysian palm oil. The end of truckers’ strike and cautious trading ahead of sowing report from the Ministry of Agriculture are also supporting the losses. However, the overnight gains in US soybean and good demand amid tight supply situation in the domestic markets are limiting the losses.



Most active mustard seed August futures on NCDEX is trading lower at Rs. 683.80 [- 0.50] per 20 kg with 13,910 tonnes traded.



The regional markets are up with August contract at Sirsa and Hapur quoting at Rs. 573.00 [+ 0.10] and Rs. 627.10 [+ 0.50] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading higher with fresh buying interest being seen. The market players are bullish as lack of sowing in Andhra Pradesh is expected to lead to supply tightness in October – November, when normally arrivals begin from Andhra Pradesh. However, currently the pipeline is full, which is prompting profir-booking at regular intervals.



Castor seed August contract at NCDEX is trading higher at Rs. 590.50 [+ 2.70] per 20 kg with 60 tonnes traded.
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Product: FOB Malaysian ports- July 04
4 Jul 2008 10:44 am

Mumbai - Following rates were quoted for RBD Palmolein in India on FOB Malaysian port conditions.

Month
US $/ Per tonnes

July
1230

Aug
1232.50

Sep
1232.50

India's summer-sown rice, oilseed area up on good rains
5 Jul 2008 10:13 am

Mumbai - India's summer-sown rice, corn, and oilseed crop planting has been progressing well so far due to good rains in the last month, according to latest data released by the farm ministry Friday.

India's monsoon rains were 20 per cent above normal in the last month, boosting area under rice cultivation to 5.60 million hectares as of July 4, up 18.9 per cent from 4.71 million hectares a year ago.

"Good prices received by farmers for rice has led to diversion of some sugarcane and cotton area to rice this year," said Vijay Setia, president of the All India Rice Exporters Association.

He said better yields and timely rains will boost production of rice this year, thereby helping to contain rising inflation.

Corn planting during the period was 2.65 million hectares, up from 2.16 million hectares a year ago.

According to industry officials, the area of corn in the country is likely to rise by 7 per cent-10 per cent this year due to the high prices received by farmers in the last few months because of surge in exports. The area used for oilseed during June 1-July 3 was a tad higher at 5.00 million hectares up from 4.95 million hectares a year ago.

The sowing of soybean was carried out in 2.48 million hectares, up from 2.21 million hectares a year ago, while groundnut was sown in 2.07 million hectares, up from 1.93 million tons.

However, cotton and sugarcane area continues to lag behind the year ago period due to the diversion of some areas to other more remunerative crops and inadequate water in the irrigated tracts of northern India.

During June 1-July 4, cotton was sown on 1.8 million hectares, down from 2.0 million hectares a year ago.

Sugar cane planting in the country was down at 4.28 million hectares as of Friday, compared with the year-ago figure of 5.17 million hectares.

The area under pulses cultivation as of July 3 was 2.0 million hectares, up from 1.4 million hectares a year ago.

India's summer crop plantings mostly take place between June and September. They are driven by the monsoon and pre-monsoon rains.

The weather department has predicted good rains in the next three to four days in north, west, and central India, auguring well for the country's summer crop planting.

India's monsoon rains are a critical source of water for summer-sown crops with around 60 per cent of the country's farmlands being rain-fed.

Following are the sowing figures for other summer sown crops, in hectares.

Area Sown Area Sown
As Of Jul 3, 2008 As Of Jul 3, 2007
Sunflower 114,000 322,000
Sesame 311,000 337,000
Castor 23,000 139,000

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Oilseeds tad down on profit booking
5 Jul 2008 10:42 am

Mumbai – Indian vegetable oilseed futures were trading marginally down in range-bound trading with profit-booking of yesterday’s gains being seen on account of the improvement in sowing of khariff oilseeds. However, the lack of cues from global and local cash markets is keeping the market highly range-bound.



Curfew has been imposed in Indore and all trading activities have halted here. This has virtually brought the soy market to a stand-still, as Indore is the major referral market for soy trading in India.



The global markets are also not providing any cues, with the US markets on a long weekend holiday from Friday. The Malaysian palm oil futures had closed marginally down on Friday after a session of range-bound trading. The US soy complex had closed mixed on Thursday night, with soy oil closing down and soybean, meal closing higher.



The Indian markets are trading marginally down with profit-booking being seen. The domestic contracts had closed positively on Friday, despite good sowing progress being reported over the week. The good demand amid supply tightness, firm soymeal prices, bullish global sentiments in soy complex are keeping the domestic sentiments too positive.



However, some profit-booking is being seen currently with prospects improving for a recorf khariff oilseed production. The lack of positive cues from global markets is also supporting the selling.



The Weather Watch report released by the Ministry of Agriculture on Friday has estimated that 24.82 lakh hectares has been covered under soybean as on 4th July against 22.07 lakh hectares covered at same time last year and 8.11 lakh hectares covered in the previous week. The acreage covered in Madhya Pradesh, Maharashtra and Rajasthan are 13.9, 4.2 and 4.23 lakh hectares respectively, against last year’s 7.27, 11.96 and 0.52 lakh hectares



The groundnut sowing has been reported to be done on 24.83 lakh hectares as on 4th July against last year’s 22.07 lakh hectares and last week’s 9.04 lakh hectares.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] is trading lower at Rs. 2,770.00 [- 5.00] per 100 kg with 6,230 tonnes traded.



August CPO at Multi Commodity Exchange of India is trading lower at Rs. 516.30 [- 0.70] per 10 kg with 210 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down with benchmark September contract settling at MYR 3,630.00 [- 5.00] a tonne. [MYR=Malaysian Ringitt]



The US soy complex closed mixed on Thursday with soybean and soymeal making strong gains for the fourth successive session. July soybeans settled 12 1/4 cents higher at $16.58 and November soybeans ended 1 cent higher at $16.29. December soymeal settled $1.50 higher at $429.00 per short ton. December soy oil finished 47 points lower at 69.45 cents per pound.



MUSTARD SEED



Mustard seed futures is trading down with some profit-booking of yesterday’s heavy gains being seen on account of the strong progress in sowing indicated in the weekly Weather Watch Report. The lack of bullish cues from global markets is also supportive.



However, losses can be expected to be limited on account of the good demand despite tight supply. Market is anticipating increase in demand for mustard oil in August due to limited crushing of khariff oilseeds and drop in imports. With arrivals in Rajasthan dipping to around 35,000 – 40,000 bags daily, players are also reported to be buying in futures markets with the intention to take delivery.



Most active mustard seed August futures on NCDEX is trading lower at Rs. 687.85 [- 1.20] per 20 kg with 9,810 tonnes traded.



The regional markets are also down with August contract at Hapur quoting at Rs. 628.20 [0.00] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading mixed with some profit booking of yesterday’s gains. The Weather Watch report released by the Ministry of Agriculture has estimated that 0.24 lakh hectares has been covered under castor seed as on 4th July against 1.39 lakh hectares covered at same time last year. The acreage covered in Andhra Pradesh is just 7000 hectares against last year’s 1.2 lakh hectares



Castor seed August contract at NCDEX is trading lower at Rs. 592.00 [- 0.30] per 20 kg with 40 tonnes traded.
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Indian edible oil up on tight supply
5 Jul 2008 10:15 am

Mumbai - Indian edible oil prices during the week ended Friday rose tracking gains in overseas markets and supply tightness in physical markets.

Soybean prices in the international markets soared on supply concerns in the US due to adverse weather conditions.

In India, the price of local edible oils are directly impacted by international markets as the country imports nearly half of its annual edible oil demand.

It buys soyoil from Argentina and Brazil and palm oil from Malaysia and Indonesia.

Locally too, supply concerns continue to buoy prices of edible oils despite the government's plan to sell imported oil at subsidized rates to lower income households.

"Processing of soybean in the local markets in India is very low currently as stocks are limited. This has pressured availability of soyoil in the market," said a trader-based in the central Indian province of Madhya Pradesh.

Soybean is the main oilseed grown in India, sowing of which is currently underway in the country.

Thursday, state-run trading house PEC Ltd floated a tender to import 24,000 metric tons of crude degummed soyoil as part of the government's plan to import 1 million tons of edible oil to improve supply in local markets.

"This tender limited gains in the edible oil complex," said the trader.

Meanwhile, the area under oilseed cultivation during June 1-July 3 was up at 5 million hectares compared with 4.95 million hectares a year ago, latest farm ministry data showed.

Sowing of soybean was carried out in 2.48 million hectares, up from 2.21 million hectares a year ago, while groundnut was sown in 2.07 million hectares, up from 1.93 million tons.

Local refined soyoil was at Rs 67,500/ton Friday, up from Rs 67,000/ton a week earlier.

Refined, bleached and deodorized palm olein was at Rs 58,300/ton, up from Rs 57,600/ton.

Crude palm oil was trading at Rs 51,500 a ton, up from Rs 51,300/ton a week earlier.

Indian edible oil up on tight supply
5 Jul 2008 10:15 am

Mumbai - Indian edible oil prices during the week ended Friday rose tracking gains in overseas markets and supply tightness in physical markets.

Soybean prices in the international markets soared on supply concerns in the US due to adverse weather conditions.

In India, the price of local edible oils are directly impacted by international markets as the country imports nearly half of its annual edible oil demand.

It buys soyoil from Argentina and Brazil and palm oil from Malaysia and Indonesia.

Locally too, supply concerns continue to buoy prices of edible oils despite the government's plan to sell imported oil at subsidized rates to lower income households.

"Processing of soybean in the local markets in India is very low currently as stocks are limited. This has pressured availability of soyoil in the market," said a trader-based in the central Indian province of Madhya Pradesh.

Soybean is the main oilseed grown in India, sowing of which is currently underway in the country.

Thursday, state-run trading house PEC Ltd floated a tender to import 24,000 metric tons of crude degummed soyoil as part of the government's plan to import 1 million tons of edible oil to improve supply in local markets.

"This tender limited gains in the edible oil complex," said the trader.

Meanwhile, the area under oilseed cultivation during June 1-July 3 was up at 5 million hectares compared with 4.95 million hectares a year ago, latest farm ministry data showed.

Sowing of soybean was carried out in 2.48 million hectares, up from 2.21 million hectares a year ago, while groundnut was sown in 2.07 million hectares, up from 1.93 million tons.

Local refined soyoil was at Rs 67,500/ton Friday, up from Rs 67,000/ton a week earlier.

Refined, bleached and deodorized palm olein was at Rs 58,300/ton, up from Rs 57,600/ton.

Crude palm oil was trading at Rs 51,500 a ton, up from Rs 51,300/ton a week earlier

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Fuel subsidies 'inevitable' for now: Deora
3 Jul 2008 2:03 pm


New Delhi - Oil Minister Murli Deora said Thursday that government intervention in the pricing of fuel products was inevitable because of the current volatility in international crude oil prices.

With fuel subsidized in some countries, prices are low, leaving no deterrent to continued strong demand for oil products, including in India, where the government sets retail fuel prices.

India mandates its oil companies to sell diesel, gasoline, kerosene and cooking gas at a discount to the public.

Despite raising gasoline and diesel prices by about 10% last month, these products continue to be priced at steep discounts to their costs.

"While we agree that fuel subsidies may have a negative impact on the energy market in the long run," volatility in global oil prices and its potential for destabilizing emerging economies makes government intervention in fuel pricing inevitable, Deora said in a written speech to be delivered at the World Petroleum Congress in Madrid.

Deora also said high crude prices weren't sustainable in the long run and it was wrong to blame demand in India and China for the rising prices.

Consumption of diesel and gasoline in India has been growing at 15%-18% so far this year, but the recent fuel price hike in the country isn't likely to substantially hurt demand, the International Energy Agency said recently.

As long as India's economic growth continues at the current pace, "the price hike will at best slow down the pace of demand growth, rather than trigger a fall in absolute terms," the IEA said.

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Oilseeds end down on profit booking
5 Jul 2008 2:22 pm

Mumbai, July 5 – Indian vegetable oilseed futures closed down with profit-booking of yesterday’s gains seen on account of the improvement in sowing of khariff oilseeds. While, the market was trading largely range-bound throughout the session, heavy selling was seen towards closing.



Curfew was imposed in Indore and all trading activities in the cash market halted here. This virtually brought the soy market to a stand-still, as Indore is the major referral market for soy trading in India.



The global markets did not provide any cues, with the US markets on a long weekend holiday from Friday. The Malaysian palm oil futures closed marginally down on Friday after a session of range-bound trading. The US soy complex had closed mixed on Thursday night, with soy oil closing down and soybean, meal closing higher.



The Indian markets opened down and was trading down for most of the session with profit-booking of yesterday’s gains seen. The domestic contracts had closed positively on Friday, despite good sowing progress being reported over the week. However, profit-booking was seen today with prospects improving for a recorf khariff oilseed production. The lack of positive cues from global markets also supported the selling.



The Weather Watch report released by the Ministry of Agriculture on Friday estimated that 24.82 lakh hectares was covered under soybean as on 4th July against 22.07 lakh hectares covered at same time last year and 8.11 lakh hectares covered in the previous week. The acreage covered in Madhya Pradesh, Maharashtra and Rajasthan were 13.9, 4.2 and 4.23 lakh hectares respectively, against last year’s 7.27, 11.96 and 0.52 lakh hectares



The groundnut sowing was reported to be done on 24.83 lakh hectares as on 4th July against last year’s 22.07 lakh hectares and last week’s 9.04 lakh hectares.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] closed lower at Rs. 2,747.00 [- 28.00] per 100 kg with 37,220 tonnes traded.



August CPO at Multi Commodity Exchange of India closed lower at Rs. 516.10 [- 0.90] per 10 kg with 1,640 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down with benchmark September contract settling at MYR 3,630.00 [- 5.00] a tonne. [MYR=Malaysian Ringitt]



The US soy complex closed mixed on Thursday with soybean and soymeal making strong gains for the fourth successive session. July soybeans settled 12 1/4 cents higher at $16.58 and November soybeans ended 1 cent higher at $16.29. December soymeal settled $1.50 higher at $429.00 per short ton. December soy oil finished 47 points lower at 69.45 cents per pound.



MUSTARD SEED



Mustard seed futures closed down with profit-booking of yesterday’s heavy gains being seen on account of the strong progress in sowing indicated in the weekly Weather Watch Report. The weakness in domestic soybean markets and lack of bullish cues from global markets also supported the selling.



Most active mustard seed September futures on NCDEX closed lower at Rs. 687.60 [- 0.60] per 20 kg with 42,850 tonnes traded.



The regional markets also ended down with August contract at Hapur settling at Rs. 627.60 [- 0.60] per 20 kg respectively.



CASTOR SEED



Castor seed futures closed down with profit booking of yesterday’s gains seen in response to the selling in the edible oilseed markets. The Weather Watch report released by the Ministry of Agriculture reported that only 0.24 lakh hectares was covered under castor seed as on 4th July against 1.39 lakh hectares covered at same time last year. The acreage covered in Andhra Pradesh was just 7000 hectares against last year’s 1.2 lakh hectares



Castor seed August contract at NCDEX closed lower at Rs. 591.00 [- 1.30] per 20 kg with 420 tonnes traded.



The regional markets too closed down with September contract at Rajkot settling at Rs. 2,995.00 [- 15.00] per 100 kg.

Oilseeds down on global losses
7 Jul 2008 10:49 a

Mumbai – Indian vegetable oilseed futures were trading sharply down Monday affected by heavy losses in the global edible oil markets. The good progress of sowing of khariff oilseeds is also supporting the selling.



The Malaysian palm oil futures has ended the morning session sharply down affected by losses in soy oil and worry over the rising stocks. The US soy complex is trading lower in current trading after the long week-end holiday. August soy oil and August soybean are quoting down 126 points and 22.75 cents on e-CBOT currently.



The Indian markets are trading lower tracking the global cues, continuing the profit-booking seen on Saturday. The prospects for a record khariff oilseed production are also weighing on the market sentiments. Sowing was reported to have picked up pace in the previous week with monsoon regaining strength in the major production tracts.



The Weather Watch report released by the Ministry of Agriculture on Friday estimated that 24.82 lakh hectares was covered under soybean as on 4th July against 22.07 lakh hectares covered at same time last year and 8.11 lakh hectares covered in the previous week. Area brought under total oilseeds cultivation was reported at 5 million hectares compared to 4.9 million hectares planted in the same period a year ago.



The curfew in Indore is expected to be lifted by noon today and trading at NBOT and cash markets are expected to commence from noon. Curfew had been imposed in Indore since July 3, which virtually brought the domestic soy market to a stand-still, as Indore is the major referral market for soy trading in India.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] is trading lower at Rs. 2,710.00 [- 42.00] per 100 kg with 20,730 tonnes traded.



August CPO at Multi Commodity Exchange of India is trading lower at Rs. 511.80 [- 4.30] per 10 kg with 920 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session lower, taking leads from rise in inventories and weakness in soy oil, crude oil. While, exports were weak last month, demand prospects are also still unclear. Malaysia’s palm oil stocks are expected to reach a record 2.0 million tonnes as of end-June. The Malaysian Palm Oil Board would be releasing data for June on Thursday.



The benchmark September contract has ended the session lower at MYR 3,565.00 [- 65.00] a tonne with 3,924 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed mixed on Thursday with soybean and soymeal making strong gains for the fourth successive session. July soybeans settled 12 1/4 cents higher at $16.58 and November soybeans ended 1 cent higher at $16.29. December soymeal settled $1.50 higher at $429.00 per short ton. December soy oil finished 47 points lower at 69.45 cents per pound.



MUSTARD SEED



Mustard seed futures is trading lower tracking the losses in the domestic soy complex and global edible oil futures. The sentiments are also weak on account of the strong progress in sowing as indicated in the weekly Weather Watch Report. However, the overall tone is bullish due to good demand amid tight supply due to the lesser than normal production.



Most active mustard seed September futures on NCDEX is trading lower at Rs. 678.00 [- 7.35] per 20 kg with 26,910 tonnes traded.



The regional markets are also down with August contract at Sirsa and Hapur quoting at Rs. 572.20 [- 0.60] and Rs. 626.80 [- 0.80] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading marginally higher on fresh buying after last session’s profit booking. The good demand in the cash market and the delay in sowing is supporting the positive sentiments. The market is expecting short supply of stocks in October and November, as there would be only limited new arrivals during that period.



The Weather Watch report released by the Ministry of Agriculture on Friday reported that only 0.24 lakh hectares was covered under castor seed as on 4th July against 1.39 lakh hectares covered at same time last year. The acreage covered in Andhra Pradesh was just 7000 hectares against last year’s 1.2 lakh hectares



Castor seed August contract at NCDEX is trading higher at Rs. 592.40 [+ 1.20] per 20 kg with 20 tonnes traded.



The regional markets too closed down with September contract at Rajkot settling at Rs. 2,995.00 [- 15.00] per 100 kg.


///////////////////////////////////////////////////////////////////////////////////////////////////

Mumbai edible oil prices - July 07
7 Jul 2008 10:17 am

Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT)

Variety/Day
05/07/08 07/07/08 Change
Sunflower oil Exp
675 675 -
oil Ref
730 730 -
Groundnut oil
730 730 -
RBD Palmolein
582 580 -2
Cottonseed oil ref
675 675 -
Mustard oil
700 695 -5
Ref Soy oil
675 675 -

//////////////////////////////////////////////////////////////////////////////////////////////////


Soya bean NCDEX Aug

7 Jul 2008 8:42 am


The trend is up

The market has completed almost 23.5 per cent retracement over the last couple of session’s rise.

MACD histogram turned up into positive zone and sustaining into this zone the market is expected to witness up sides move.

As the trend is up therefore enter fresh long above Rs 2785.5 stop loss below 2765

Yesterday's Close
2747.00

1 day back Close
2775.00

% Gains/Loss Yesterday
-1.02

Trend

Daily Closing Reversal Point
2702.00

Up Trend Date
6-Jun-08

Up Trend Price
2435.50

Current Gain/Loss
311.50

% Gains/Loss
12.79%

Open Interest
51980.00

Previous Days
51260.00

% Increase/Decrease in OI
1.39

Highest Open Interest of Contract
52070.00

Volumes
13290

Previous Days Volume
32250

% Increase/Decrease in Volumes
-142.66

Highest Volume of the Contract
48580


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

2747.0
2702.0
2723.0
2734.0
2757.0
2769.0
2791.0











///////////////////////////////////////////////////////////////////////////////////////////////////

Crude Oil MCX July
7 Jul 2008 9:10 am

The trend is up.

Hold your long positions with a stop loss at Rs 5930.

Further buy only on a rise above Rs 6300.

Intra-day traders can wait for a fall below Rs 6192 or Rs 6159 and when it rises above Rs 6192 or Rs 6159 then buy with the low below Rs 6192 or Rs 6159 as the stop loss.

MACD is now in the positive zone. The 14 Day RSI is moving upwards and still remains below the 70 mark.

Open interest witnessed marginal fall with fall in price indicating long positions unwinding.

Resistance is seen at Rs 6271 – Rs 6317.

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

6225
6045
6159
6192
6238
6271
6317

//////////////////////////////////////////////////////////////////////////////////////////////////

Natural Gas MCX July
7 Jul 2008 9:08 am

The trend is up.

Hold your long positions with a stop loss at Rs 564.

Further buy only on a breakout above Rs 592.

Intra-day traders can wait for a fall below Rs 582.60 and when it rises above Rs 582.60 then buy with the low below Rs 582.60 as the stop loss.

Open interest witnessed significant rise with the rise in price indicating fresh long positions build up.

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

584.60
571.70
580.80
582.70
585.40
587.20
589.90

PEC buys crude degummed soyoil
8 Jul 2008 10:39 am

Mumbai - State-run trading house PEC Ltd has purchased 24,000 metric tons of crude degummed soyoil for USD1,467/ton, cost, insurance and freight, a senior company official said Monday.

The crude degummed soyoil, to be shipped in August, was purchased from Louis Dreyfus, the official said.

The purchase is part of the Central government's plan to import 1 million tons of edible oils for distribution among poor families at subsidized prices.

Monday, another state-run trading house MMTC Ltd floated a tender to import 18,000 tons of refined, bleached, and deodorized palm olein, and 2,500 tons of crude palm oil.

///////////////////////////////////////////////////////////////////////////////////////////////////

Product: FOB Malaysian ports- July 08
8 Jul 2008 10:16 am

Mumbai - Following rates were quoted for RBD Palmolein in India on FOB Malaysian port conditions.

Month
US $/ Per tonnes

July
1195

Aug
1197.5

Sep
1197.5


///////////////////////////////////////////////////////////////////////////////////////////////////

Mumbai edible oil prices - July 08
8 Jul 2008 10:15 am

Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT) Variety/Day
07/07/08 08/07/08 Change
Sunflower oil Exp
675 675 -
oil Ref
730 730 -
Groundnut oil
730 725 -5
RBD Palmolein
580 574 -6
Cottonseed oil ref
675 663 -12
Mustard oil
695 695 -
Ref Soy oil
675 665 -10

///////////////////////////////////////////////////////////////////////////////////////////////////

Castor Seed NCDEX Aug
8 Jul 2008 8:35 am

The trend is up

A breakout has been witnessed and the market is expected to move towards Rs 606 at least.

MACD histogram turned up into positive zone and sustaining this zone one can expect the market to move up.

Enter fresh long above Rs 599.5 with stop loss below Rs 593

Those who are long earlier may book profit or may hold the position with stop loss below Rs 593

Yesterday's Close
599.50

1 day back Close
591.00

% Gains/Loss Yesterday
1.42

Trend


Daily Closing Reversal Point
586.00

Up Trend Date
7-Jun-08

Up Trend Price
542.00

Current Gain/Loss
57.50

% Gains/Loss
10.61%

Open Interest
1080.00

Previous Days
1040.00

% Increase/Decrease in OI
3.70

Highest Open Interest of Contract
1240.00

Volumes
460

Previous Days Volume
260

% Increase/Decrease in Volumes
43.48

Highest Volume of the Contract
1020




INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

599.5
586.0
589.2
594.4
596.9
602.0
604.6

Oilseeds dip on limit-down US soy
8 Jul 2008 10:46 am

Mumbai – Indian vegetable oilseed futures were trading sharply down tracking limit-down losses in US soy complex overnight. The losses are continuing currently too in global edible oil markets on improved weather outlook for US soybeans. The good sowing progress of khariff oilseeds domestically is also supporting the selling.



The Malaysian palm oil futures has ended the morning session at five-week lows tracking the sharp losses in US soy oil and crude oil overnight. The US soy complex tumbled overnight with almost all contracts settling near their daily limits. The losses are continuing currently too with August soy oil and August soybean quoting down 12 points and 12.50 cents on e-CBOT.



The energy markets too fell sharply overnight with August crude oil at New York Mercantile Exchange settling at $ 141.37 a barrel, down by $ 3.92 a barrel, marking its largest one-day drop since June 19.



The Indian markets are trading sharply down on long liquidation tracking the limit-down losses in US soy markets overnight. The weakness in crude oil and overall negative sentiments in the country due to the progress in sowing are also supporting the selling.



US soybean, soymeal, soy oil settled at or near their respective daily trading limits of 70 cents, $ 20 and 250 points overnight on forecasts for better weather, reports of crop condition improving and broad-based selling across commodities.



The cash markets are witnessing dull demand with buyers waiting for the prices to stabilize, which is also supporting the losses in the futures markets.



The sowing of soybean is reported to be progressing well in Madhya Pradesh, Madhya Maharashtra and Vidarbha, though farmers are worried over the lack of continuous rains. However, the condition in Marathwada region of Maharashtra is reported to be bad, with lack of rains preventing farmers from sowing.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.30 hours is trading lower at Rs. 2,679.00 [- 37.00] per 100 kg with 20,230 tonnes traded. The July contract at National Board of Trade [NBOT] is down at Rs. 2,705.50 [- 30.00] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading lower at Rs. 508.50 [- 2.30] per 10 kg with 570 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session down on long-liquidation by investors worried over the heavy overnight losses in US soy oil and crude oil. However, the losses in palm oil are more limited as part of the fall in soy oil prices was already been factored in yesterday’s correction in CPO futures.



The benchmark September contract has ended the session down at MYR 3,485.00 [- 27.00] a tonne with 5,907 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on Monday with most contracts dropping to near their exchange-imposed daily trading limits on beneficial weather outlooks for crop development. Speculative long liquidation was also seen on account of a stronger U.S. dollar, weakness in crude oil.



The U.S. Department of Agriculture in its weekly crop progress report has marginally increased soybean crop ratings with 59% crops reported to be in good to excellent condition, against 58% in the previous week. According to the report, as on July 6th, 95% of the sown crop is emerged against 98% seen in the same period a year ago and blooming is seen 12% of the area compared to 4% in the previous week



July soybeans settled 69 cents lower at $15.89 and November soybeans ended 70 cents lower at $15.61. December soymeal settled $20.00 lower at $409.00 per short ton. December soy oil finished 248 points lower at 66.50 cents per pound.



MUSTARD SEED



Mustard seed futures is trading lower with strong selling being seen in response to the losses in the domestic soy complex and global edible oil futures. The sentiments are also weak on account of the strong progress in sowing seen last week as indicated in the weekly Weather Watch Report and the hefty tender for import of palm oil announced by MMTC yesterday. The cash markets are also seeing dull demand today, with buyers waiting for the prices to stabilize.



However, despite the correction, the overall tone was reported to be bullish due to good underlying demand amid tight supply due to the lesser than normal production and limited availability of khariff oilseeds.



Most active mustard seed September futures on NCDEX is trading lower at Rs. 672.50 [- 5.65] per 20 kg with 19,660 tonnes traded.



The regional markets are also down with August contract at Sirsa and Hapur quoting at Rs. 569.80 [- 1.45] and Rs. 625.80 [- 1.10] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading higher with August futures crossing the psychological level of Rs. 600 per 20 kg. The overall tone is bullish on account of the lack of early sowing in Andhra Pradesh, expectation of tight supply during November-December, good demand in spot markets and weakness in Indian Rupee to above 43 levels.



Castor seed August contract at NCDEX is trading higher at Rs. 600.80 [+ 4.80] per 20 kg with 40 tonnes traded.

Oilseeds recover on short covering
9 Jul 2008 10:53 am

Mumbai – Indian vegetable oilseed futures were trading higher with short-covering of heavy losses made in the previous two sessions being seen, on account of the strong recovery in US soy complex in after-hours trading.



The Malaysian palm oil futures has ended the morning session marginally down after a session of choppy trading. The US soy complex closed down overnight on beneficial weather forecasts and heavy losses in other commodities including crude oil. However, currently the market is recovering with August soy oil and August soybean quoting up by 86 points and 11.25 cents on e-CBOT.



The energy markets tumbled overnight by $5.33, or 3.8%, to settle at $136.04 a barrel, the biggest drop since March 31. Crude oil has dropped by more than $9 since reaching a record $145.85 a barrel on July 3. However, a mild recovery is being seen in electronic trading with August crude oil at New York Mercantile Exchange quoting at $ 136.21 a barrel.



The Indian markets are trading positively, with short covering of losses made in the previous two sessions is also being seen, on account of the current strong recovery in the US soy markets. The good demand amid tight supply situation in the domestic physical markets is also supporting the gains. However, the huge overnight losses in energy markets and possibility of further decline, which can lead to additional selling in other commodity markets is limiting the gains.



The overnight losses in US soy markets are being ignored, as the losses were already factored in the yesterday’s hefty selling seen in the Indian markets. Soybean and mustard seed had settled down by 3.6% and 2.8% respectively on Tuesday reflecting the hefty losses in US crude oil and soy markets.



The good demand in the physical markets amid limited supply of oilseeds for crushing is also supporting the gains. While, export demand for oilmeals is strong, the dull imports of edible oils have increased the demand for locally crushed edible oil.



India’s oilmeal exports in June are estimated at 2,84,238 tonnes, up 81.4% on year by the Solvent Extractors’ Association of India. The estimates released late Tuesday, reported that during April-June period, oilmeal exports totaled 1.40 million tonnes, up 70% from 827,780 tonnes during the same period last year. Soymeal exports in April-June are estimated to have surged to 1.11 million tonnes compared with 424,900 tonnes a year earlier.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.40 hours is trading lower at Rs. 2,635.00 [+ 17.00] per 100 kg with 33,050 tonnes traded. The July contract at National Board of Trade [NBOT] is up at Rs. 2,658.50 [+ 4.00] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading higher at Rs. 506.60 [+ 0.50] per 10 kg with 880 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session marginally down after a session of choppy trading. While, sentiments are weak on account of the heavy overnight losses in US soy oil and crude oil, the current strong gains in US soy oil are limiting the losses.

The benchmark September contract has ended the session down at MYR 3,454.00 [- 58.00] a tonne with 12,710 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed down on Tuesday continuing Monday’s selling frenzy on beneficial weather outlook of warm, rainy weather for crop development. The stronger U.S. dollar, weakness in all commodities including crude oil also dragged the market down. However, reduction in selling at lower levels and idea that the market was getting oversold, put brakes on the slide and limited losses to some extent.



July soybeans settled 28 cents lower at $15.61 and November soybeans ended 31 1/2 cents lower at $15.29 1/2. December soymeal settled $9.20 lower at $399.80 per short ton. December soy oil finished 154 points lower at 64.96 cents per pound.



MUSTARD SEED



Mustard seed futures is trading positively supported by the recovery in domestic soy complex and current gains in US soy market. Short covering of the hefty losses seen in the previous two sessions is being seen, as good demand has picked up at the current comfortable levels. The crushing of mustard seed is proceeding at quick pace as players are expecting a sharp surge in demand for mustard oil in August, when the festival season will commence. The limited availability of other domestic edible oil and dull imports are expected to increase demand for mustard oil.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 660.30 [+ 1.15] per 20 kg with 28,710 tonnes traded.



The regional markets are trading mixed with August contract at Sirsa and Hapur quoting at Rs. 567.90 [+ 0.30] and Rs. 624.30 [- 0.70] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading positively on overall bullish sentiments and positive cues from edible oilseed markets. The overall tone is bullish on account of the lack of early sowing in Andhra Pradesh, absence of good rains in other castor tracts like north Gujarat, Rajasthan, expectation of tight supply during November-December, good demand in spot markets, falling of arrivals to sub-20,000 bag levels and weakness in Indian Rupee to above 43 levels.



Castor seed August contract at NCDEX is trading higher at Rs. 599.00 [+ 1.60] per 20 kg with 170 tonnes traded.

///////////////////////////////////////////////////////////////////////////////////////////////////
Product: FOB Malaysian ports- July 09
9 Jul 2008 10:17 am

Mumbai - Following rates were quoted for RBD Palmolein in India on FOB Malaysian port conditions.

Month
US $/ Per tonnes

July
1187.5

Aug
1187.5

Sep
1187.5


///////////////////////////////////////////////////////////////////////////////////////////////////
Mumbai edible oil prices - July 09
9 Jul 2008 10:17 am

Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT) Variety/Day
08/07/08 09/07/08 Change
Sunflower oil Exp
675 675 -
oil Ref
730 730 -
Groundnut oil
725 720 -5
RBD Palmolein
574 572 -2
Cottonseed oil ref
663 660 -3
Mustard oil
695 685 -10
Ref Soy oil
665 660 -5

//////////////////////////////////////////////////////////////////////////////////////////////////

Castor Seed NCDEX Aug
9 Jul 2008 8:35 am

The trend is up

A breakout has been witnessed but the market could not sustain at higher level and closed lower

MACD histogram turned up into positive zone and sustaining this zone one can expect the market to move up.

Enter fresh long above Rs 603.2 with stop loss below Rs 596

Those who are long earlier may book profit or may hold the position with stop loss below Rs 596

Yesterday's Close
598.00

1 day back Close
599.50

% Gains/Loss Yesterday
-0.25

Trend


Daily Closing Reversal Point
587.70

Up Trend Date
7-Jun-08

Up Trend Price
542.00

Current Gain/Loss
56.00

% Gains/Loss
10.33%

Open Interest
1190.00

Previous Days
1080.00

% Increase/Decrease in OI
9.24

Highest Open Interest of Contract
1240.00

Volumes
950

Previous Days Volume
460

% Increase/Decrease in Volumes
51.58

Highest Volume of the Contract
1020


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

598.0
587.7
591.9
594.9
599.0
602.1
606.3

///////////////////////////////////////////////////////////////////////////////////////////////////
Mustard Seed NCDEX Sep
9 Jul 2008 8:24 am

The trend has turned down

The market closed below the major support level of 662.5 and down sides move towards Rs 652 is expected.

MACD histogram turned down into negative zone and sustaining this zone one can expect the market to move down.

Enter fresh short below 657.85 with stop loss above Rs 664

Yesterday's Close
659.00

1 day back Close
677.60

% Gains/Loss Yesterday
2.74

Trend


Daily Closing Reversal Point
681.40

Down Trend Date
7-Jul-08

Down Trend Price
677.60

Current Gain/Loss
-18.60

% Gains/Loss
-2.74%

Open Interest
125060.00

Previous Days
133050.00

% Increase/Decrease in OI
-6.39

Highest Open Interest of Contract
133050.00

Volumes
113560

Previous Days Volume
78560

% Increase/Decrease in Volumes
30.82

Highest Volume of the Contract
113560


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

659.0
681.4
647.5
653.2
663.6
669.4
679.8

Crude oil recovers. At present rate is $ 138.28