Boiling News & Veg Oils ,crude

Oilseeds down on profit-booking
1 Aug 2008 10:22 am

Mumbai – Indian vegetable oilseed futures were trading sharply down on profit-booking tracking the heavy losses in global edible oil and energy markets Friday. Anticipation of strong rise in acreage in today’s Crop Progress report is also supporting the selling.



Malaysian palm oil futures has ended the morning session sharply down on week-end profit-booking and spillover weakness from US soy oil and crude oil. The US soy complex closed mixed on Thursday after a range-bound, choppy session. However, it is trading sharply down currently with August soy oil and August soybean quoting down by 83 points and 18.75 cents on e-CBOT.



Light, sweet crude for September delivery settled down by $2.69 at $124.08 a barrel on Thursday at the New York Mercantile Exchange [NYMEX]. During July, the prices fell by $15.92, the biggest monthly dollar drop since crude oil started trading on the NYMEX.



The Indian oilseeds are trading down on profit-booking, triggered by the negative cues from global edible oil and energy markets. The Indian oilseed markets have recovered by close to 2.5% in the previous two sessions, after falling for six sessions earlier.



The revival of monsoon, removal of concerns for the upcoming crops, current busy sowing and forecasts for acreage increasing previous year’s are keeping the domestic fundamentals bearish. The largest ever monthly losses in crude oil, prospects for a bumper US soy crop, increase in supply from Argentina, record stocks amid seasonal high production of palm oil are keeping the global fundamentals too negative.



Mr. Rajesh Agrawal, current member of Soybean Processors’ Association of India said that India’s 2008 soybean crop might top last year’s record crop of 10 million tonnes. He is expecting the acreage to reach 9 million hectares this season against last year’s 8 million.



The only supporting factor currently is the commencement of seasonal high demand period in India. August marks the start of the festival season and demand for edible oils usually peaks during August to December. At the same time, stockists and the value chain are well stocked for the increase in demand as they were expecting the increase in demand. The Government of India has also commenced the selling of subsidized edible oil to poor families, which has added to the supply.



The September soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.15 hours is trading lower Rs. 2,519.00 [- 27.00] per 100 kg with 9,230 tonnes traded. The August contract at National Board of Trade [NBOT] is down at Rs. 2,609.00 [- 22.00] per 100 kg.



August CPO at Multi Commodity Exchange of India is down at Rs. 441.80 [- 4.60] per 10 kg with 480 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session sharply down on pre-weekend profit taking and the spillover impact of weak crude and soybean oil. The market is now booking profits as the CPO futures have recovered close to MYR 200 since touching this year’s lows, two days ago.



The benchmark October contract has ended the session down at MYR 2,964.00 [- 86.00] a tonne with 4,901 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex ended mixed on Thursday after a session of range-bound, choppy trading. While, market was worried over weather uncertainties for the upcoming crops on account of conflicting forecasts, the weakness in crude oil limited the gains. End-of month position squaring was also witnessed.



August soybeans settled 1 3/4 cents higher at $13.95 3/4 and November soybeans ended 1 cent lower at $14.04. December soymeal settled $0.70 lower at $375.50 per short ton. December soy oil finished 2 points higher at 59.50 cents per pound.





MUSTARD SEED



Mustard seed futures is trading sharply down on profit booking triggered by the losses in domestic soybean, global edible oil and crude markets. The revival of monsoon and prospects for a bumper khariff oilseed crop is also weighing on the market as it could reduce the demand for mustard oil from October. However, the demand has picked up in the cash markets and it could limit the losses to some extent.



Most active mustard seed September futures on NCDEX is trading lower at Rs. 628.30 [- 5.85] per 20 kg with 14,840 tonnes traded.



The regional markets are down with November contract at Hapur quoting at Rs. 658.50 [- 4.40] per 100 kg.



CASTOR SEED



Castor seed futures is trading down continuing yesterday’s profit-booking. Stockists heavily released stocks yesterday and this can keep the cash market subdued today too, which is supporting the current selling. The sowing of castor seed in Gujarat will also commence from August.



Most active castor seed September futures on NCDEX is trading lower at Rs. 653.70 [- 2.00] per 20 kg with 170 tonnes traded.

Spot Soya oil prices - Aug 01
1 Aug 2008 1:03 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 01/08/08 31/07/08
Min Max Min Max
Mumbai 618 619 615 616
Indore 614 615 615 616
*Akola 648 649 650 651
Alwar 632 633 635 636
*Amravati 648 649 648 649
Bharatpur 632 633 635 636
Bundi 628 629 630 631
Chennai 640 641 630 631
*Kolkata 667 668 670 671
Hyderabad 630 631 630 631
*Jalana 645 646 645 646
Kakinada 610 611 610 611
Kandla 625 626 620 621
*Kanpur 665 666 670 671
*Latur 638 639 640 641
Manglore 621 622 623 624
*Nagpur 647 651 648 657
*Nandad 637 638 638 639
Rajkot 613 615 613 615
*Solapur 638 639 640 641

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Spot Groundnut oil prices - Aug 01
1 Aug 2008 1:00 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 01/08/08 31/07/08
Min Max Min Max
Mumbai 690 691 705 706
Rajkot 700 710 690 705
Hyderabad 680 681 680 681
Ahemdabad 700 701 695 700
Chennai 640 641 630 631
Kurnool 670 671 670 671
Narsarropeth 660 661 660 661
Prodattour 665 666 665 666
Bikaner 640 641 640 641

Maharashtra soybean plant rates - Aug 01
1 Aug 2008 2:38 pm

Mumbai - Following are the rates offered of soybean in major market of Maharashtra today.

Plant
Place
Rates

Kirti
Krishnur
2700

Kirti
Latur
2700

Tina
Latur
2680

Srinivasa
Nanded
2670

New Mah
Dhulia
2725

Disan
Dhulia
2725

Sanjay soya
Dhulia
2125

Chakan
Sangli
2700

Bhakti exp
Jalna
2720

Shivparvati
Hingoli
2625

Siddharth
Akola
2610

Bhaskar
Nagpur
2675

Shamkala
Bhandara
2700

Tanya
Nagpur
2675


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Mumbai edible oil prices - Aug 01
1 Aug 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
31/07/08 01/08/08 Change
Sunflower oil Exp
605 610 +5
oil Ref
670 665 -5
Groundnut oil
705 690 -15
RBD Palmolein
512 510 -2
Cottonseed oil ref
615 622 +7
Mustard oil
656 660 +4
Ref Soy oil
615 618 +3

Soybean NCDEX Sep
2 Aug 2008 8:36 am

The trend is down.

Sell at market price and on rise to Rs. 2516 – Rs. 2526 with stop loss of Rs. 2553.

Expect a fall towards Rs. 2498 – Rs. 2488.

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Trend
Level 1
Level 2
Center Point
Level 3
Level 4

2509
2529

2488
2498
2516
2526
2544



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Mustard seed NCDEX Sep
2 Aug 2008 8:38 am

The trend is down.

Sell at market price and on rise to Rs. 625.30 – Rs. 630 with stop loss of Rs. 634.

Expect a fall towards Rs. 618.50 – Rs. 613.80.

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Trend
Level 1
Level 2
Center Point
Level 3
Level 4

623.2
634.3

613.8
618.5
625.3
630.0
636.7


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CPO MCX Aug
2 Aug 2008 9:09 am

The trend is down but nature of the movement is sideways.

Ideally, cover short positions at market price and on dips to Rs. 437 – Rs. 434 as the opportunity arises.

Support will be at Rs. 434.

Sell only on fall and close below Rs. 434.

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Trend
Level 1
Level 2
Center Point
Level 3
Level 4

437.4
450.8

429.9
433.7
437.7
441.5
445.5



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Castor seed NCDEX Aug

2 Aug 2008 9:12 am


The trend is up.

Buy at market price and on dips to Rs. 658.70 – Rs. 652.40 with stop loss of Rs. 650.

Expect a rise towards Rs. 667 – Rs. 674.

INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Trend
Level 1
Level 2
Center Point
Level 3
Level 4

661.1
645.8

643.7
652.4
658.7
667.4
673.7

Oilseeds mixed on profit-booking
8 Aug 2008 10:45 am


Mumbai – Indian vegetable oilseed futures were displaying a mixed, range-bound trading tracking mixed cues from global markets. While, the firm spot markets are supporting gains in the near-month contracts, the far month contracts are quoting firmly down. Profit-booking after recent gains is also being seen.



The Malaysian palm oil futures has ended the morning session tad up on fresh buying, reversing the losses seen at opening due to profit booking. The US soy complex settled modestly higher overnight on technical recovery. However, it is trading down currently in a range-bound manner with September soy oil and November soybean quoting down by 25 points and 6 cents on e-CBOT.



Crude oil rose for the first time in four days with September contract at New York Mercantile Exchange rising by $1.44 to settle at $120.02 a barrel. Earlier, the contract touched $121.78 a barrel. However, it is trading down currently with September contract quoting down by $ 0.42 a barrel.



The Indian oilseed futures are displaying mixed, range-bound trading tracking the mixed cues from the global markets. At the same time, the firm trend in the spot markets and the overnight gains in US soy oil are giving the market a positive bias. The domestic market opened heavily down on account of profit-booking after the heavy gains seen in the previous two sessions.



The Indian oilseeds have risen by more than 6% in the previous two sessions and players are booking profits at opening before proceeding forward. Yesterday too the market had opened down, before fresh buying, pushed the market up from noon.



While, the domestic market is worried over further losses in the long-term on account of the current normal growth of khariff crops, the current firm trend in the spot markets are preventing the futures markets from moving down. The festival demand has picked up on account of ‘Rakshabandhan’, which is supporting the cash markets.



The Ministry of Agriculture would be releasing its Crop Progress report today. However, it is not widely expected like in the earlier weeks, as major changes are not expected in the acreage figures with the sowing of all edible oilseeds is almost completed.



The September soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.35 hours is trading higher at Rs. 2,520.00 [+ 12.50] per 100 kg with 30,910 tonnes traded. The far-month contracts are down. The August contract at National Board of Trade [NBOT] is up at Rs. 2,607.00 [+ 2.50] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading up at Rs. 408.40 [+ 1.50] per 10 kg with 550 tonnes traded.

Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session tad up after a session of choppy, range-bound trading. The market opened lower on profit-booking of yesterday’s gains and losses in US soy oil on e-CBOT. Traders are waiting for further leads in the form of monthly report from Malaysian Palm Oil Board and August 1-10 export data from cargo surveyors, which are expected to be released on Monday, before proceeding forward.

The benchmark October contract has ended the session higher at MYR 2,848.00 [+ 3.00] a tonne with 4,742 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]

The US soy complex closed higher on Thursday on a technical recovery after the the previous session’s heavy speculative selling. The moderate gains in crude oil were also supportive. However, the underlying bearish tone on account of favourable weather for growing crops limited the gains.



August soybeans settled 22.4 cents higher at $12.43 and November soybeans ended 17 cents higher at $12.39. December soymeal settled $5.9 higher at $332.7 per short ton. December soy oil finished 60 points higher at 53.20 cents per pound.



MUSTARD SEED



Mustard seed futures is trading positively in mixed range-bound trading. The market had opened down with profit-booking being seen after the more than 6% gains made in the previous two sessions. The range-bound consolidative trading in the global markets, picking up of demand in the retail market are supporting the gains.



However, the market is still worried over long-term losses on account of bearishness in global markets and prospects for a good khariff oilseed output.



Most active mustard seed September futures on NCDEX is trading up at Rs. 612.40 [+ 3.00] per 20 kg with 37,630 tonnes traded. The regional markets are down with November contract at Hapur quoting at Rs. 648.00 [- 1.00] per 100 kg.



CASTOR SEED



Castor seed futures is trading down in thin trading continuing yesterday’s late profit booking. Though, the market is expecting some stock shortage later, the current heavy rains and picking up of sowing in major tracts are weighing on the market sentiments.



Most active castor seed September futures on NCDEX is trading lower at Rs. 645.00 [- 1.30] per 20 kg with 10 tonnes traded.

Mumbai edible oil prices - Aug 08
8 Aug 2008 10:28 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 07/08/08 08/08/08 Change

Sunflower oil Exp 595 575 -20

oil Ref 650 640 -10

Groundnut oil 675 675 -

RBD Palmolein 490 487 -3

Cottonseed oil ref 605 605 -

Mustard oil 640 645 +5

Ref Soy oil 605 605 -

Mumbai edible oil prices - Aug 11
11 Aug 2008 10:32 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 09/08/08 11/08/08 Change

Sunflower oil Exp 570 565 -5

oil Ref 635 630 -5

Groundnut oil 675 680 +5

RBD Palmolein 486 484 -2

Cottonseed oil ref 600 595 -5

Mustard oil 638 630 -8

Ref Soy oil 595 590 -5

Oilseeds enhance on short covering
11 Aug 2008 10:45 am

Mumbai – Indian vegetable oilseed futures were trading higher on short-covering, firm demand at low levels in the cash markets and the current recovery in crude oil. However, the anticipation of a good khariff oilseed output and the huge losses in Malaysian palm oil futures are limiting the gains.



The Malaysian palm oil futures has ended the morning session sharply down, despite sharp increase in August 1-10 exports, on account of the heavy fall in US soy oil and crude oil on Friday. The US soy complex ended sharply down on Friday. However, the losses are more moderate currently with September soy oil and November soybean quoting by 17 points and 2.25 cents on e-CBOT.



The energy markets are recovering currently with September crude oil at New York Mercantile Exchange quoting up by $ 1.30 a barrel currently. On Friday the market had tumbled with September contract settling down by $4.82 at $115.20 a barrel.



The Indian oilseed futures are trading moderately up currently on short covering of previous two session’s losses of more than 4% supported by the recovery in US crude oil and range-bound trading in US soy markets. The firm demand in the cash markets ahead of ‘Rakshabandhan’ is also mildly supportive.



The Indian markets have already accounted for Friday night’s losses in US markets in Saturday’s trading and are thus largely ignoring current losses in Malaysian palm oil futures. The moderate dip in record palm oil stocks in Malaysia are also expected to result in the market reducing losses in the noon session.



However, the domestic crop fundamentals are not supportive with strong rains being reported across all the major oilseed tracts across the country. The condition of the soy crop in Madhya Pradesh is reported to be very positive, with the industry now convinced that the production would easily cross the 10 million tonnes mark.



The Crop Progress Report released by the Ministry of Agriculture yesterday indicated an increase in acreage under almost all oilseeds. Planting of soybean as on August 8th is reported to be carried out on 9.13 million hectares, up by 9.6% from 8.33 million hectares a year earlier.



The September soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.35 hours is trading higher at Rs. 2,431.00 [+ 25.50] per 100 kg with 17,490 tonnes traded. The September contract at National Board of Trade [NBOT] is up at Rs. 2,430.00 [+ 24.50] per 100 kg.



September CPO at Multi Commodity Exchange of India is up at Rs. 381.50 [+ 1.80] per 10 kg with 690 tonnes traded.

Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session sharply down tracking Friday night’s heavy losses in US soy oil and crude oil. However, the current strong recovery in crude oil and the sharp rise in August 1-10 palm oil exports have helped the market to recover from a fresh nine-month low of MYR 2,662 a tonne.

Malaysia’s palm oil exports have risen by 14.8% on month during the August 1-10 period to a three-month high of 4,07,922 tonnes as reported by cargo surveyor Intertek Agri Services. The figures are slightly higher than traders’ expectations of around 400,000 tonnes.



Meanwhile, Malaysian Palm Oil Board [MPOB] has released its monthly report after the morning session ended at BMD. Malaysia July production has increased by 6.2% on month to 1.56 million tonnes. However, on account of a sharp 25 % increase in exports to 1.4 million tonnes, the month- ending stocks have fallen from earlier record highs by 2.8% to 1.98 million tonnes,



The benchmark October contract at BMD has ended the morning session down at MYR 2,674.00 [- 105.00] a tonne with 7,150 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on Friday on account of a rally in the U.S. dollar, weakness in crude oil, grains, metal markets and forecasts for favourable weather next week.



Most-active November soybeans dropped 58 1/2 cents to end at $11.80 1/2 per bushel, its first close below $12 since May 1. December soymeal fell $19.40 to $313.30 per short ton, while December soy oil slid 170 points to 51.50 cents per pound.



MUSTARD SEED



Mustard seed futures is trading higher on short covering of previous two sessions of losses of around 4.8%, supported by the current gains in domestic soybean and the recovery in crude oil. The improvement in demand in the cash markets at current low levels ahead of ‘Rakshabandhan’ is also supporting the gains. However, in the long-term, market is worried over demand for mustard oil falling, due to the increase in khariff oilseed production and the huge fall in prices of imported edible oils.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 589.00 [+ 7.70] per 20 kg with 27,070 tonnes traded. The regional markets are up with November contract at Hapur quoting at Rs. 644.75 [+ 1.45] per 100 kg.



CASTOR SEED



Castor seed futures is trading higher supported by the current recovery in the global edible oil markets. The expectation of supply shortage during Nov.-Dec. is keeping the long-term sentiments bullish, despite acreage picking up during the previous week.

Most active castor seed September futures on NCDEX is trading higher at Rs. 631.00 [+ 4.10] per 20 kg with 180 tonnes traded.

Product: FOB Malaysian ports- Aug 11
11 Aug 2008 10:33 am

Mumbai - Following rates were quoted for RBD Palmolein in India on FOB Malaysian port conditions.
Month
US $/ Per tonnes

Aug
940

Sep
940

Oct
940

Oilseeds far-month contracts dip
12 Aug 2008 11:02 am

Mumbai – Indian vegetable oilseed futures were trading mixed with near month, active contracts quoting positively supported by firm spot markets and modest gains in US soybeans. However, the prospects for further losses in the long-term are keeping the far-month contracts in the red. The US soy oil and Malaysian palm oil futures are quoting tad down affected by losses in energy futures, which are also pressurizing the Indian markets.



The Malaysian palm oil has ended the morning session down, but up from a fresh 10-month low of MYR 2,628 a tonne on fresh buying at lower levels. The US soy complex closed mixed, with soybean, soymeal settling higher on short-covering ahead of Tuesday’s USDA crop report. It is displaying range-bound mixed trading currently with September soy oil and November soybean quoting by [-] points and [+] 0.50 cents on e-CBOT.



The energy markets dropped for the third successive session overnight with September crude oil at New York Mercantile Exchange falling by 75 cents to settle at $114.45 a barrel, the lowest close since May 1. It is trading down currently with September contract quoting down by 63 cents a barrel.



The active Indian oilseed futures are trading higher supported by the firm demand in the cash markets ahead of ‘Rakshabandhan’. The overnight and current gains in US soybean and soymeal ahead of tonight’s World Supply Demand Report from US Department of Agriculture [USDA] are also supporting the gains. The far-month contracts are pressurized by better crop prospects and weakness in the global edible oil markets.



The weakness in global edible oil and energy markets are limiting the gains. The domestic fundamentals are also not supportive with current favourable weather giving indications of a better than normal khariff soybean and groundnut production. The domestic markets are anticipating increase in imports of edible oils at the current low prices, which is also pressurizing the Indian markets.



The market is anticipating an increase in US soy production in the USDA Crop Reports which would be released today. This can result in further losses in the US soy market overnight. However, gains are currently being seen in US soy markets are players are covering their earlier sell positions, as they do not want to be caught in a wrong position in case any surprises spring up in the report.



The September soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.35 hours is trading higher at Rs. 2,473.00 [+ 20.50] per 100 kg with 17,610 tonnes traded. The September contract at National Board of Trade [NBOT] is up at Rs. 2,479.00 [+ 24.50] per 100 kg.



September CPO at Multi Commodity Exchange of India is down at Rs. 381.70 [- 1.20] per 10 kg with 50 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session down affected by losses in crude oil. However, fresh buying at lower levels has helped the market to recover from a fresh 10-month session low of MYR 2,628 a tonne.



The benchmark October contract at BMD has ended the session down at MYR 2,660.00 [- 11.00] a tonne with 4,949 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed mixed with soybean, soymeal settling higher on position-squaring ahead of Tuesday’s Supply Demand Report from the US Department of Agriculture [USDA]. However, the weakness in crude oil resulted in soy oil settling a tad down.



August soybeans settled 16 cents higher at $12.15, and November soybeans ended 15 1/2 cents higher at $11.96. December soymeal settled $7.20 higher at $320.50 per short ton. December soy oil finished 5 points lower at 51.45 cents per pound.



MUSTARD SEED



Mustard seed futures is trading mixed with the active September contract marginally up supported by the good festival demand in the cash markets and current gains in domestic and US soybean. Though, losses are being seen in US soy oil and Malaysian palm oil it is very marginal, with fresh buying being seen at low levels.



However, the long-term sentiments are still bearish with the market worried over demand for mustard oil falling in the long-term, due to the increase in khariff oilseed production and the huge fall in prices of imported edible oils.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 594.30 [+ 0.95] per 20 kg with 17,540 tonnes traded. The regional markets are up with November contract at Hapur quoting at Rs. 645.25 [+ 0.75] per 100 kg.



CASTOR SEED



Castor seed futures is trading down with profit-booking being seen on account of the strong rains in the major castor seed tracts in Gujarat and the current quick sowing. The market is anticipating acreage to quickly pick up in this week too, as it had done in the previous week.



Most active castor seed September futures on NCDEX is trading lower at Rs. 620.00 [- 8.10] per 20 kg with 230 tonnes traded.