Boiling News & Veg Oils ,crude

CPO futures drop as supply rises

The industry's outlook appears weak due to higher palm oil output and slower exports, say traders


MALAYSIA's crude palm oil futures (FCPO) fell for the third straight day as the supply of palm oil exceeds demand.

Yesterday, the third month benchmark October contract on the Bursa Malaysia Derivatives Exchange fell RM43 to close at RM3,392 per tonne.

This is 25 per cent below its all-time high of RM4,486 per tonne in March but still 10 per cent higher than at the start of the year.

Traders said the industry's outlook appears weak due to higher palm oil output and slower exports.



"Prices are under pressure, it will most probably drop some more because the trees are producing more fruits," said a trader with a foreign palm oil company.

FCPO moves in tandem with soyaoil in other markets because these two commodities are used interchangeably to make margarine, detergent, cosmetics and biodiesel.

Yesterday, August soyaoil at the Chicago Board of Trade fell 0.4 per cent while the most-active January 2009 soyaoil contract on China's Dalian Commodity Exchange dropped 1.6 per cent.

India's July rains 19pc below normal
21 Jul 2008 11:09 am



Singapore - India's monsoon rain continued its bad run in July, with showers during the week ended July 16 staying 19 per cent below normal levels, according to data released by the India Meteorological Department (IMD) over the weekend.

The IMD also updated its data for the monsoon rain so far this season, saying rain during the June 1-July 16 period was 4 per cent above normal levels.

The government had said Thursday the June 1-July 15 rain was 6 per cent above normal levels.

India's oilseeds crop is in a critical state and urgently needs rain, failing which yield and productivity could be hit.

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Spot Soya oil prices - July 21
21 Jul 2008 1:01 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 21/07/08 19/07/08
Min Max Min Max
Mumbai 652 653 653 654
Indore 655 656 660 661
*Akola 678 679 688 689
Alwar 664 665 670 671
*Amravati 678 679 686 687
Bharatpur 664 665 670 671
Bundi 660 661 662 663
Chennai 660 661 665 666
*Kolkata 695 696 700 701
Hyderabad 680 681 685 686
*Jalana 665 666 676 677
Kakinada 660 661 665 666
Kandla 655 656 655 656
*Kanpur 690 691 700 701
*Latur 673 674 675 676
Manglore 655 656 660 661
*Nagpur 688 690 690 698
*Nandad 670 671 670 671
Rajkot 648 650 650 655
*Solapur 675 676 675 676

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Spot Mustard oil prices - July 21
21 Jul 2008 1:00 pm



Mumbai - Following are Mustard expeller 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.

Mustard Oil 21/07/08 19/07/08
Min Max Min Max
Mumbai 685 686 690 691
Alwar 658 660 677 678
Bharatpur 658 660 677 678
Bikaner 658 660 665 666
Bundi 660 661 670 672
Charkhi Dadri 678 679 687 688
*Delhi 688 689 697 698
Haldiya port 755 756 765 766
Jaipur 665 666 667 668
Kanpur 690 691 700 701
Kota 660 661 662 663
Ludhiyana 682 683 692 693
Sriganganagar 660 663 670 672

Spot Groundnut oil prices - July 21
21 Jul 2008 12:58 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 21/07/08 19/07/08
Min Max Min Max
Mumbai 710 711 720 721
Rajkot 700 710 710 715
Hyderabad 700 701 705 706
Ahemdabad 695 700 705 710
Chennai 660 661 665 666
Kurnool 685 686 690 691
Narsarropeth 680 681 685 686
Prodattour 675 676 680 681
Bikaner 655 656 660 661
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Spot Sunflower oil prices - July 21
21 Jul 2008 12:57 pm

Mumbai - Following are sunflower expeller 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.

Sunflower oil Exp 21/07/08 19/07/08
Min Max Min Max
Bellary 653 654 652 653
Chellakere 630 631 640 641
Chennai 650 651 655 656
Erode 610 611 650 651
*Hyderabad 660 661 675 676
Mumbai 660 661 660 661
Ludhiyana 620 621 625 626
Latur 635 636 645 646

Oilseeds end down on global losses
21 Jul 2008 5:10 pm

Mumbai – Indian vegetable oilseed futures closed down tracking the heavy weakness in global edible oil markets, which were expecting an increase in supply from Argentina following the repeal of the soy export tax hike.



Malaysian palm oil futures closed sharply down despite an improvement in exports. However, the positive exports helped the market to recover from early heavy selling pressure, which pushed the market to 15-weeks lows below MYR 3,200 a tonne. The US soy complex witnessed heavy losses on Friday on anticipation of improvement in supply from Argentina. The losses were continuing in electronic trading today too with August soy oil and August soybean quoting down 54 points and 8.50 cents on e-CBOT when the Indian markets closed.



The Indian edible oilseeds opened lower and continued to trading down throughout the session tracking the weakness in the global edible oil markets. The bursting of the crude oil bubble in the past week, the favourable weather for US soy crop and anticipation of higher Argentine exports led to the weakness in the global markets.



Argentina repealed the tax increase on soybeans and soy oil on Friday following the rejection of the tax hike by the country’s Senate. This led to heavy weakness in global markets as it could lead to quick release of pent up supplies of the past four months ahead of the US soybean harvest.



Domestically, the improvement in acreage figures over the previous week was also adding to the selling pressure. The total area under oilseeds as on July 17 was higher by 2.12% at 10.1 million hectares compared with 9.9 million hectares a year earlier. Planting of soybean was carried out on 6.50 million hectares, up by 18.2% from 5.50 million hectares a year earlier supported by normal rainfall in Madhya Pradesh.



Groundnut and sunflower was sown on 2.70 and 0.142 million hectares respectively down from 3.04 and 0.435 million hectares in the previous year. Cotton was been sown on 5.81 million hectares, down from 6.99 million hectares a year ago.



However, domestically the condition was not very favourable for a sharp decline in prices on account of the dull July rainfall. Rainfall during the week ending July 16 was reported to be 19% below normal levels, according to the Indian Meteorological Department. The situation was particularly bad in Maharashtra, Karnataka, Andhra Pradesh and Gujarat, which are important producers of oilseeds and cotton.



In addition to the lagging of sowing in these states, the condition of the sown crops was also reported to be critical, which limited the selling pressure in the Indian markets. The uncertainty over new crops reduced the supply in the local cash markets, which too curtailed the losses in the Indian markets.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] closed lower at Rs. 2,673.00 [- 11.00] per 100 kg with 1,07540 tonnes traded. The August contract at National Board of Trade [NBOT] ended down at Rs. 2,674.00 [- 10.50] per 100 kg.



August CPO at Multi Commodity Exchange of India closed down at Rs. 477.40 [- 7.70] per 10 kg with 7,030 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down tracking the heavy losses in US soy oil, amid anticipation of increase in supply from Argentina. However, improvement in exports led to the market recovering from the heavy selling pressure seen in the morning, which pushed the prices down by 5.7% to a 15-week low.



Malaysia’s palm oil exports rose by 5.3% on month during the July 1-20 period to 794,768 tonnes as reported by SGS (Malaysia) Bhd. The market was expecting exports to be around 3%-5% lower on month. The SGS numbers were lower than another estimate issued by surveyor Intertek Agri Services, which pegged July 1-20 exports at 834,317 tons.



The benchmark October contract after touching a low of MYR 3,197 closed down at MYR 3,260.00 [- 132.00] a tonne with 15,047 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on Friday on account of the Argentine senate voting against export tax on grains, absence of near term weather threats, slide in crude oil and bad economic outlooks.



Nearby August soybeans dropped 51 cents to $14.70 per bushel, and November soybeans sank 50 cents to $14.48. December soymeal fell $13.10 to $376.80 per short ton, and December soy oil tumbled 138 points to 63.50 cents per pound.



MUSTARD SEED



Mustard seed futures closed down tracking the heavy losses in domestic soybean and global edible oil markets. The overall positive sowing picture of soybean was also supporting the selling on worry that strong demand for mustard would dry up. The demand from stockists and crushing units also were reported to have slowed down currently as they were well stocked and were waiting for the current correction in prices to be over.



Most active mustard seed September futures on NCDEX closed lower at Rs. 663.85 [- 5.65] per 20 kg with 1,27,120 tonnes traded.



The regional markets ended down with August contract at Hapur settling at Rs.628.50 [- 1.30] per 100 kg.



CASTOR SEED



Castor seed futures closed down with profit-booking of the recent sharp gains being seen, prompted by the strong correction in the edible oilseed markets. However, lack of rains in major castor tracts, confirmation that the fresh arrivals would not commence as normally seen from late October in Andhra Pradesh and the current good demand amid dismal arrivals were keeping the bullish tone intact, despite today’s losses.



The sowing of castor seed as July 17th was completed on 76,000 hectares against previous year’s 2,79,000 hectares.



The August castor seed at NCDEX closed lower at Rs. 664.10 [- 11.20] per 20 kg with 2,910 tonnes traded.



The regional markets too closed down with September contract at Rajkot settling at Rs. 3330.00 [- 25.00] per 100 kg.

Oilseeds mixed in rangebound trade
22 Jul 2008 10:41 am

Mumbai – Indian vegetable oilseed futures, after opening negative, were displaying mixed, range-bound trading currently with fresh buying and short covering of yesterday’s losses being seen on account of the current recovery in global edible oil markets. The scanty rains, lagging of rains and critical condition of sown crops in Maharashtra, Andhra Pradesh, Karnataka and Gujarat are also supporting the buying. However, the heavy fall in the US soy market overnight is capping the gains.



Malaysian palm oil futures has ended the morning session marginally up, recovering from early losses on fresh buying. The US soy complex plunged overnight by over 3% continuing last week’s losses on account of the favourable weather outlook for growing crops and scrapping of export tax hike by Argentina. However, it is trading positively currently with August soy oil and August soybean quoting up by 55 points and 11.50 cents on e-CBOT.



The Indian edible oilseeds is displaying mixed, range-bound trading currently with the sentiments affected by the heavy fall in US soy futures overnight and overall weakening of sentiments in the global edible oil markets. The bursting of the crude oil bubble in the past week, the favourable weather for US soy crop and anticipation of higher Argentine exports are leading to the weakness in the global markets.



However, the losses are getting limited by the current recovery in the global edible oil markets. Domestically, the scanty rains and lagging of sowing of khariff oilseeds in Maharashtra, Karnataka, Andhra Pradesh and Gujarat is also supporting gains in the markets. Rainfall during the week ending July 16 is reported to be 19% below normal levels, according to the Indian Meteorological Department.



The market is also expecting stockiest and retailer buying of edible oils to pick up in the cash markets ahead of the festival season, which commences with Rakshabandhan in mid-August. Meanwhile, uncertainty over the new crops has reduced the supply in the local cash markets.



However, despite the bad July rains, the overall acreage picture is still positive, which is adding to the selling pressure. The total area under oilseeds as on July 17 is higher by 2.12% at 10.1 million hectares compared with 9.9 million hectares a year earlier. Planting of soybean has been carried out on 6.50 million hectares, up by 18.2% from 5.50 million hectares a year earlier supported by normal rainfall in Madhya Pradesh.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] is trading lower at Rs. 2,665.00 [- 9.50] per 100 kg with 20,780 tonnes traded. The far-month contracts are quoting up. The August contract at National Board of Trade [NBOT] is down at Rs. 2,666.00 [- 7.50] per 100 kg.



August CPO at Multi Commodity Exchange of India is up at Rs. 481.00 [+ 3.40] per 10 kg with 370 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session positively supported by the current gains in US soy oil and improvement in Malaysia’s palm oil exports. Short covering of yesterday’s heavy losses is also being seen. Earlier, the market opened down by 1% with heavy selling pressure seen on account of the sharp overnight losses in US soy oil and fear of further losses due to the increase in supply from Argentina.



The benchmark October contract has ended the session up at MYR 3,278.00 [+ 18.00] a tonne with 4,123 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on Monday, continuing last week's speculative selling, as beneficial weather was forecast for developing soybean crops for the next 10 days and Argentine strike issues were solved.



August soybeans settled 60 1/2 cents lower at $14.09 1/2 and November soybeans ended 45 cents lower at $14.03. December soymeal settled $11.50 lower at $365.30 per short ton. December soy oil finished 225 points lower at 61.25 cents per pound.



MUSTARD SEED



Mustard seed futures is trading positively on fresh buying and short-covering of yesterday’s losses supported by the current gains in the global edible oil markets. The underlying good demand in the cash market ahead of the upcoming festival season amid limited supply of other domestic oilseeds is also supporting the gains. However, the heavy overnight losses in US soy market and the losses in near-month soy contracts are limiting gains in the market.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 664.40 [+ 0.85] per 20 kg with 20,720 tonnes traded.



The regional markets is up with August contract at Hapur quoting at Rs.629.00 [+ 0.50] per 100 kg.



CASTOR SEED



Castor seed futures is trading positively, with fresh buying being seen after yesterday’s profit-booking and healthy price correction. The overall tone remains bullish as strong demand continues in the market amid limited fresh arrivals and lack of selling interest. The lack of rains in major castor tracts, confirmation that the fresh arrivals would not commence as normally seen from late October in Andhra Pradesh are also adding to the bullish tone.



The August castor seed at NCDEX is trading higher at Rs. 669.20 [+ 2.70] per 20 kg with 290 tonnes traded.

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Product: FOB Malaysian ports- July 22
22 Jul 2008 10:16 am

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

Month
US $/ Per tonnes

Aug
1140

Sep
1140

Oct
1140

Mumbai edible oil prices - July 22
22 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
21/07/08 22/07/08 Change
Sunflower oil Exp
660 660 -
oil Ref
710 710 -
Groundnut oil
710 710 -
RBD Palmolein
552 552 -
Cottonseed oil ref
652 550 -2
Mustard oil
685 680 -5
Ref Soy oil
652 550 -2

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Castor Seed NCDEX Aug
22 Jul 2008 8:50 am

The trend is up

The market in the last session could not violate the major resistance level of Rs 678.5 and closed lower

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

Enter fresh long above Rs 678.5 with stop loss below Rs 666

Those who are long earlier may book profit

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

664.1
640.9
651.4
657.7
666.4
672.7
681.4

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Mustard Seed NCDEX Sep
22 Jul 2008 8:40 am

The trend has turned down

As was mentioned earlier the market made low of Rs 657.85.

The market could not violate the major support level of Rs 657.85 and closed higher. A pull back towards Rs 675 is expected.

Those who are long earlier may book profit at CMP or lower level of Rs 659

As the trend is down therefore enter fresh short below Rs 657.5 with stop loss above Rs 663

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

663.85
674.4
654.2
659.0
662.7
667.5
671.1

Oilseeds end up on crop concerns
22 Jul 2008 5:23 pm

Mumbai – Indian vegetable oilseed futures closed higher, with fresh buying being seen from noon on account of the recovery in the global edible oil markets, gains in crude oil, worry over the lack of rains and forecasts for fall in India’s oilseed output by industry experts.



The Malaysian palm oil futures closed marginally down for the fifth successive session after a session of highly choppy trading. The US soy complex plunged overnight by over 3% on favourable weather outlook for growing crops and scrapping of export tax hike by Argentina. However, it recovered in after-hours trading with August soy oil and August soybean quoting up by 61 points and 16.25 cents on e-CBOT when the Indian markets closed.



The Indian edible oilseeds opened negatively tracking the heavy, overnight losses in the US soy complex. However, fresh buying and short-covering of losses was seen from early noon supported by recovery in global markets, festival demand in edible oil cash markets and concerns for the upcoming khariff oilseed crops.



The poor rains in almost all major oilseed tracts, lagging sowing schedule, critical condition of the growing crops and pest incidence led to expectations that the upcoming crop would be lesser than the earlier year’s by more than 10%. The warm sun was reported to have resulted in increasing incidence of girdle beetle in Madhya Pradesh, which can badly affect the yield potential.



Rainfall during the week ending July 16 in India had been reported to be 19% below normal levels, according to the Indian Meteorological Department. The condition was reported to have worsened in the current week, with rains keeping away from Madhya Pradesh too. The second phase of rainfall had been already reported to be poor in Maharashtra, Karnataka, Andhra Pradesh and Gujarat.



Mr. Govindbhai Patel of Dipak Enterprises said that sowing of oilseeds was running behind schedule, as the normal planting season was almost over. He felt that monsoon rains were poor in all major oilseeds growing regions except Rajasthan. He expects India’s khariff oilseeds output to fall by 13.2% this year to 13.8 million tonnes from 15.9 million tons a year ago.



Mr. Patel said that based on his latest assessment, domestic availability of edible oils from the summer-sown oilseeds crop would fall to 3.88 million tons this year from 4.87 million tons in 2007-08. He was expecting output of soybean and groundnut this season to fall to 9 million tonnes and 3.9 million tonnes respectively from last year’s output of 10 and 4.8 million tonnes.



The improvement in stockiest and retailer buying of edible oils ahead of the festival season, which would commence with Rakshabandhan in mid-August, was also supporting the gains in the markets.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] closed higher at Rs. 2,683.00 [+ 8.50] per 100 kg with 1,21,260 tonnes traded. The August contract at National Board of Trade [NBOT] ended up at Rs. 2,683.00 [+ 9.50] per 100 kg.



August CPO at Multi Commodity Exchange of India closed tad up at Rs. 477.70 [+ 0.10] per 10 kg with 5,450 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed marginally down, after a highly choppy session. The market had opened negatively, but managed to trade positively for most of the session supported by the gains in US soy oil in after-hours trading. However, reports for a drop in Indonesia export taxes on palm oil in August increased selling pressure towards closing.



The benchmark October contract closed lower at MYR 3,252.00 [- 8.00] a tonne with 12,575 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on Monday, continuing last week's speculative selling, as beneficial weather was forecast for developing soybean crops for the next 10 days and Argentine strike issues were solved.



August soybeans settled 60 1/2 cents lower at $14.09 1/2 and November soybeans ended 45 cents lower at $14.03. December soymeal settled $11.50 lower at $365.30 per short ton. December soy oil finished 225 points lower at 61.25 cents per pound.



MUSTARD SEED



Mustard seed futures closed higher with fresh buying and short-covering of yesterday’s losses seen supported by concerns for the upcoming khariff oilseed crops, the gains in domestic soybean and global edible oil markets. The underlying good demand in the cash market ahead of the upcoming festival season amid limited supply of other domestic oilseeds was also supporting the gains.



Most active mustard seed September futures on NCDEX closed higher at Rs. 666.80 [+ 3.25] per 20 kg with 1,05,690 tonnes traded.



The regional markets ended up with August contract at Hapur settling at Rs.630.40 [+ 1.90] per 100 kg.



CASTOR SEED



Castor seed futures closed lower with profit booking seen towards closing. However, earlier the market made gains as strong demand continued in the market amid limited fresh arrivals and lack of selling interest. The reports of rains in castor tract of Andhra Pradesh led to the profit booking in the market.



The August castor seed at NCDEX closed lower at Rs. 663.00 [- 3.50] per 20 kg with 3,880 tonnes traded.



The regional markets too closed down with September contract at Rajkot settling at Rs. 3,307.00 [- 24.00] per 100 kg.

Poor rainfall to hit oilseeds output
22 Jul 2008 1:32 pm

Mumbai - Vegetable oils production from India's summer or kharif plantings currently under way is likely to fall by around 1.0 million metric tons due to insufficient rainfall in key oilseeds growing regions, a senior industry official said Tuesday.

This is likely to push up India's edible oil imports during the first half of the next marketing year starting November.

"Rains have not been widespread. Oilseed producing regions have received less rainfall. Soil moisture in these areas has not increased," said Govindbhai Patel, managing partner of Dipak Enterprises, an Indian edible oil trading company.

He said oilseeds sowing is running behind schedule and the normal planting season is almost over.

Patel said domestic availability of edible oils from the summer-sown oilseeds crop will fall to 3.88 million tons this year from 4.87 million tons in 2007-08.

He said these estimates have factored in carryover stocks from the previous year, production of cottonseed oil and tree-borne oilseeds.

He said summer-sown groundnut output may fall to around 3.9 million tons, from 4.8 million tons a year earlier.

Patel, whose forecasts on India's oilseeds and edible oil supply is closely tracked by the industry, said soybean output is expected to fall to 9.0 million tons in 2008-09 from 10 million tons in 2007-08.

He said groundnut growers in India's western province of Gujarat are facing moisture stress due to lack of rain.

Groundnut is India's most important summer-sown oilseeds crop in terms of oil content. Gujarat is the largest groundnut producing region by volume.

Patel said rains in the first week of June covered around 60 per cent-65 per cent of the groundnut producing regions in Gujarat but this was followed by a lull for nearly a month.

There were rains again in the first week of July, covering another 20 per cent-25 per cent of the area, he said.

Groundnut growers need rain at an interval of not more than three weeks and if there isn't another round of strong showers soon, the crop will again come under stress, Patel noted.

Current weather forecasts don't indicate the likelihood of more rain in the near-term.

Oilseeds Planting Running Behind Schedule

Patel said around 10 per cent-15 per cent of the usual groundnut growing area in Gujarat has not been planted so far due to inadequate rains.

There is also moisture stress in soybean growing regions of southern Madhya Pradesh in central India.

The sowing period for cotton normally ends in the first week of July while it is mid-July for groundnut and the third week of July for soybeans.

But 50 per cent of oilseeds growing area in the western province of Maharashtra has yet not been planted, he said.

Patel said some parts of Maharashtra and the southern province of Andhra Pradesh have already been declared drought-hit.

"Growers consider it highly risky to plant now as they would then need a good round of rainfall in October (to develop the crop), but monsoon usually retreats by mid-September," he said.

Patel said cottonseed output is also likely to fall this year due to insect infestation and adverse weather.

Cotton acreage in Gujarat is down 20 per cent on year, he said, adding an insect called milibug has hit the crop at the stage of germination itself, affecting yields.

Generally, milibug attacks cotton at the time of maturity.

He said India's cottonseed oil output will fall to 936,000 tons in 2008-09 from 1.05 million tons in 2007-08.

The fall in India's summer-sown oilseeds output may push up imports of edible oils from November through March 2009.

Summer-sown oilseeds are planted in June and July and harvested from October.

"Lower local production can increase imports of edible oils by around 1.0 million tons (during November-March), compared with the same period last year" said Patel.

He said a further 200,000 tons more will need to be imported next year to cater to the general rise in demand.

Nov rapeseed stocks may dip 46pc
23 Jul 2008 10:23 am

Kuala Lumpur - India's rapeseed stocks are likely to fall 46 per cent to 13 lakh metric tons at the start of the new marketing year for vegetable oils on lower output, a senior industry official said Tuesday.

The carryover stocks as of Nov 1 are estimated at 24 lakh tons, the official said.

Local edible oil availability will be lower at the start of next year because of an expected fall in domestic output as well as a drawdown of rapeseed stocks, said Govindbhai Patel, managing partner, Dipak Enterprise, an Indian edible oil trading company.

Rapeseed is one of India's most important oilseed crops in terms of oil content and volumes produced. It is sown mostly in November and harvested from February onwards.

India's government-run agencies procured large volumes of rapeseed from growers a few years ago when production was high and local prices were lower than the government-set intervention price.

According to industry estimates, India's rapeseed output fell to 53 lakh tons in the crop year to June 2008, from 62 lakh tons a year earlier.

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Mumbai edible oil prices - July 23
23 Jul 2008 10:14 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
22/07/08 23/07/08 Change
Sunflower oil Exp
660 650 -10
oil Ref
710 695 -15
Groundnut oil
710 710 -
RBD Palmolein
552 550 -2
Cottonseed oil ref
650 644 -6
Mustard oil
680 681 +1
Ref Soy oil
650 648 -2

Mustard Seed NCDEX Sep
23 Jul 2008 8:23 am

The trend has turned down

The market could not violate the major support level of Rs 657.85 in the last session as well and closed higher. A pull back towards Rs 675 is expected.

As the trend is down therefore enter fresh short below Rs 657.5 with stop loss above Rs 663

Intra day traders can wait for the market to move above 672 and when it fall below Rs 672 then enter short with stop loss above 675

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

666.8
674.5
655.7
661.3
666.5
672.0
677.3


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Castor Seed NCDEX Aug
23 Jul 2008 8:35 am

The trend is up

The market in the last session could not violate the major resistance level of Rs 678.5 and closed lower

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

Enter fresh long above Rs 678.5 with stop loss below Rs 666

Those who are long earlier should book profit

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

663.0
646.6
650.3
656.7
666.3
672.7
682.3