Boiling News & Veg Oils ,crude

Oilseeds rise on firm demand
17 Jun 2008 2:23 pm

Mumbai - Indian vegetable oilseed futures reversed the opening losses and is trading sharply higher at noon supported by firm demand, lack of selling interest in cash market and current strong gains in US soy complex. The slowing down of sowing operations of soybean due to weakening of rains is also supporting speculative buying.



The Malaysian palm oil futures is trading lower on long-liquidation affected by overnight losses in US soy oil and bearish palm oil fundamentals. The US soy complex closed down on Monday night on profit-booking after the recent very sharp gains. However, gains are being seen in after-hours trading currently with July soy oil and July soybean quoting up by 58 points and 13 cents respectively.



The domestic markets had opened down with the losses in the global markets prompting profit-booking in the Indian markets too. However, the firm demand in the cash markets, limited availability of domestic stocks, clear weather in Madhya Pradesh and gains in US soy complex in after-hours trading due to the continuing weather issues for US soybean have resulted in the market moving up again. The heavy buying has resulted in the market touching a new all-time intra-day high of Rs. 2,697 per 100 kg.



The weather is reported to be relatively clear in major soy growing tracts of Madhya Pradesh, this has slowed down the sowing operations. Now, industry participants are expecting aggressive sowing to commence only from June 25th, after atleast two rounds of good rains are received. However, sowing in Maharashtra is reported to be progressing normally.



The limited arrival of soybean and good demand for beans from crushing units due to firm demand for soymeal are keeping the cash market firm. Soymeal export prices are currently quoting around Rs. 20,500 a tonne, preventing soybean from moving down.



Tightness in global supply and increased demand from South East Asian countries is reported to be responsible for the spurt in soymeal prices. Mr. D.R. Khalra, executive director of the Soybean Processors Association of India expects India’s soymeal exports to rise to 250,000 tonnes in June from 64,098 tonnes in the same month last year. Last month, the country exported a little over 300,000 tons of soymeal.



The firmness in domestic soy markets, strong demand for rapeseed from crushers to meet increased demand for rapeseed meal and oil is supporting gains in rapeseed futures. The arrivals have also fallen and is reported to be around 50,000 – 70,000 bags today. [1 bag=85 kg]



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] at 14.15 hours is trading higher at Rs. 2,686.00 [+ 48.50] per 100 kg with 95,140 tonnes traded. July soybean at National Board of Trade [NBOT] is up at Rs. 2,689.00 [+ 52.50] per 100 kg.



Most active mustard seed July futures on NCDEX is trading higher at Rs. 661.75 [+ 1.20] per 20 kg with 1,01,210 tonnes traded.



July CPO at Multi Commodity Exchange of India is trading lower at Rs. 525.00 [- 0.90] per 10 kg with 1,860 tonnes traded, tracking losses in Malaysian palm oil futures.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] is trading down on profit-booking due to the overnight losses in US soy oil, and bearish palm oil fundamentals on account of increase in production and dip in exports. However, the gains in US soy oil in after-hours trading have reduced the losses seen in the morning session. .



The benchmark September contract is trading lower at MYR 3,698.00 [- 39.00] a tonne with 9,916 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



CASTOR SEED



Castor seed futures is trading higher on reports of delay in sowing of new crop in Andhra Pradesh due to weakening of rains. The traders are also speculating of a fall in area under castor seed in Gujarat as more area may be sown under cotton and groundnut, which too had seen strong appreciation of prices in the past one year.



Castor seed July futures on NCDEX is trading higher at Rs. 554.50 [+ 1.70] per 20 kg with 1,080 tonnes traded.

Mumbai edible oil prices - June 19
19 Jun 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
18/06/08 19/06/08 Change
Sunflower oil Exp
705 705 -
oil Ref
760 755 -5
Groundnut oil
750 750 -
RBD Palmolein
586 585 -1
Cottonseed oil ref
677 680 +3
Mustard oil
708 714 +6
Ref Soy oil
670 672 +2

The trend is up

A breakout has been witnessed in the market as it violated the resistance level of Rs 2697.

As was mentioned closing above Rs 2697 the market may proceeds towards Rs 2730. The market in the last session made high of Rs 2720. The market although now expected to retrace to Rs 2600.

As the trend is up therefore enter fresh long above Rs 2720 with stop loss below 2695.

Those who are long earlier may book profit at higher level

Yesterday's Close
2674.00

1 day back Close
2649.50

% Gains/Loss Yesterday
0.92

Trend

Daily Closing Reversal Point
2521.00

Up Trend Date
6-Jun-08

Up Trend Price
2463.00

Current Gain/Loss
211.00

% Gains/Loss
8.57%

Open Interest
38510.00

Previous Days
39730.00

% Increase/Decrease in OI
-3.17

Highest Open Interest of Contract
47960.00

Volumes
47930

Previous Days Volume
56240

% Increase/Decrease in Volumes
-17.34

Highest Volume of the Contract
56240


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

2674.0
2521.0
2614.0
2644.0
2682.0
2711.0
2750.0

JPMorgan analyst sees crude oil prices coming down soon
19 Jun 2008 10:09 am

New York - At least one analyst believes that crude oil prices are headed down in coming months.

Brynjar Eirik Bustnes, an analyst in JPMorgan's Asia equities team, said he believes the demand and supply picture doesn't justify oil prices near USD140 a barrel in recent days.

Bustnes' call comes as the oil market has been roiled in recent weeks by other analysts' forecasts of a sharp spike in oil prices. Morgan Stanley said early this month it expects oil to enter a short-term spike to USD150 a barrel by July 4 on strong Asian demand, and Goldman Sachs said last month it was becoming increasingly likely crude would spike as high as USD200 a barrel before demand would slacken in response.

Bustnes said supply is meeting demand and that inventories are at the same levels as last year and even slightly higher than their five-year average level.

Demand destruction in the U.S. caused by higher prices; the likelihood of China and India raising fuel prices; Detroit auto makers' likely move to smaller, more fuel-efficient vehicles; and improvements to exploration and production technology will strengthen supply further and point to lower prices, he said.

Even if oil companies correct due to lower oil prices, earnings should remain strong and provide support for shares going into earnings releases, he said

Mumbai edible oil prices - June 20
20 Jun 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
19/06/08 20/06/08 Change
Sunflower oil Exp
705 705 -
oil Ref
755 760 +5
Groundnut oil
750 750 -
RBD Palmolein
585 587 +2
Cottonseed oil ref
680 680 -
Mustard oil
714 710 -4
Ref Soy oil
672 672

Mustard Seed NCDEX JULY
20 Jun 2008 8:33 am

The trend is up

The Market in the last session could not violate the resistance level of Rs 666.4 and closed lower. On continuation of the present up trend the Market may proceed towards Rs 670.

MACD histogram turned up into positive zone and sustaining this zone momemtum to the upsides move is expected in the market.

Enter fresh long above Rs 666.4 with stop loss below Rs 662

Those who are long earlier should book profit at higher level or keep stop loss at 657 and hold the position.

Yesterday's Close
662.25

1 day back Close
661.50

% Gains/Loss Yesterday
0.11

Trend


Daily Closing Reversal Point
648.80

Up Trend Date
12-Jun-08

Up Trend Price
639.80

Current Gain/Loss
22.45

% Gains/Loss
3.51%

Open Interest
84930.00

Previous Days
85770.00

% Increase/Decrease in OI
-0.99

Highest Open Interest of Contract
114440.00

Volumes
39690

Previous Days Volume
80380

% Increase/Decrease in Volumes
-102.52

Highest Volume of the Contract
147170




INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

662.25
648.8
658.35
660.3
662.0
664.0
665.75

Oilseeds descend on profit-booking
20 Jun 2008 10:56 am

Mumbai - Indian vegetable oilseed futures were trading sharply down on profit-booking tracking heavy losses in the global edible oil markets Friday. The Indian markets had risen sharply for more than a week and a correction was overdue, which was prevented by firm demand in the cash markets.



The Malaysian palm oil futures has ended the morning session sharply down on fall in June 1-20 exports and losses in soy oil futures. The US soy complex closed sharply down overnight and losses are continuing currently in after-hours trading today too with July soy oil and July soybean quoting down by 44 points and 10.75 cents on e-CBOT.



US crude oil fell sharply overnight, which supported the correction in global edible oil markets. August crude oil at the New York Mercantile Exchange closed sharply down at $ 131.74 a barrel, down by $ 4.75 a barrel.



The Indian oilseed futures are also trading lower on profit-booking tracking the losses in the global edible oil markets. The Indian soybean markets have risen sharply by more than 10% in the previous eight sessions and a correction is required; especially with conditions reported to be favourable for a record khariff oilseed output.



However, the lack of selling interest and firm demand in the local soybean markets are limiting the losses. The firm demand for soymeal for export during the usual low-demand months, due to the three month old strike by farmer groups’ in Argentina has resulted in export price of Indian soymeal rising above Rs. 20,500 a tonne, which has been pushing the prices of soybean too to record high levels.



However, despite the record-high prices, the availability of beans are not improving with the season almost over. With the commencement of sowing season, farmers are also not interested to part with soybeans needed for sowing for the next crop.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.40 hours is trading lower at Rs. 2,659.00 [- 23.50] per 100 kg with 11,830 tonnes traded. July soybean at National Board of Trade [NBOT] is down at Rs. 2,665.00 [- 18.00] per 100 kg.



July CPO at Multi Commodity Exchange of India is trading lower at Rs. 519.10 [- 4.30] per 10 kg with 1,370 tonnes traded driven by losses in Malaysian palm oil futures and profit booking in local oilseed markets.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session sharply down tracking the heavy losses in US soy oil and crude oil. The fall in June 1-20 palm oil exports have also added to the selling pressure.



Malaysia’s palm oil exports during the June 1-20 period are estimated at 7,49,776 tonnes, down 10% on month by cargo surveyor Intertek Agri Services. The estimates are slightly below market expectations of around 750,000-800,000 tonnes.



The benchmark September contract has ended the morning session lower at MYR 3,546.00 [- 54.00] a tonne with 4,296 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on profit-booking tracking a broad based commodity selling and favorable weather outlooks for late soybean plantings. The fields in US Midwest were reported to be drying quickly and conditions were reported to be favourable for re-planting and late planting of soybean. The heavy losses in US crude oil and firmness in US Dollar led to heavy selling across major commodities, which was reflected in the soy complex too.



July soybeans settled 10 1/2 cents lower at $15.45 1/2 and November soybeans ended 21 1/2 cents lower at $15.21 1/2. July soymeal settled $2.40 lower at $419.50 per short ton. July soy oil finished 134 points lower at 64.12 cents per pound.



MUSTARD SEED



Mustard seed futures is trading lower on profit-booking tracking the strong losses in the global edible oil markets. The domestic soybean futures has also moved down, supporting the selling. The mustard seed market has risen by more than 6% in the previous eight sessions with a brief correction in between and market requires further correction before moving forward. However, the strong demand in the cash market from crushing units due to the supply tightness in imported edible oils and good demand for rapeseed meal are limiting the losses.



Most active mustard seed July futures on NCDEX is trading lower at Rs. 657.80 [- 4.35] per 20 kg with 20,950 tonnes traded.



The regional markets are also trading lower with August contract at Sirsa and Hapur quoting at Rs. 570.30 [- 0.70] and Rs. 624.40 [- 0.40] per 20 kg.



CASTOR SEED



Castor seed futures is trading higher amid strong demand despite the record-high prices and dip in arrivals. The market is speculating that the stocks would be tight before next arrivals commence in December due to strong export demand for castor meal, which is supporting the current bull run.



Castor seed July futures on NCDEX is trading higher at Rs. 567.00 [+ 4.90] per 20 kg with 240 tonnes traded.

Oilseeds descend on profit-booking
20 Jun 2008 10:56 am

Mumbai - Indian vegetable oilseed futures were trading sharply down on profit-booking tracking heavy losses in the global edible oil markets Friday. The Indian markets had risen sharply for more than a week and a correction was overdue, which was prevented by firm demand in the cash markets.



The Malaysian palm oil futures has ended the morning session sharply down on fall in June 1-20 exports and losses in soy oil futures. The US soy complex closed sharply down overnight and losses are continuing currently in after-hours trading today too with July soy oil and July soybean quoting down by 44 points and 10.75 cents on e-CBOT.



US crude oil fell sharply overnight, which supported the correction in global edible oil markets. August crude oil at the New York Mercantile Exchange closed sharply down at $ 131.74 a barrel, down by $ 4.75 a barrel.



The Indian oilseed futures are also trading lower on profit-booking tracking the losses in the global edible oil markets. The Indian soybean markets have risen sharply by more than 10% in the previous eight sessions and a correction is required; especially with conditions reported to be favourable for a record khariff oilseed output.



However, the lack of selling interest and firm demand in the local soybean markets are limiting the losses. The firm demand for soymeal for export during the usual low-demand months, due to the three month old strike by farmer groups’ in Argentina has resulted in export price of Indian soymeal rising above Rs. 20,500 a tonne, which has been pushing the prices of soybean too to record high levels.



However, despite the record-high prices, the availability of beans are not improving with the season almost over. With the commencement of sowing season, farmers are also not interested to part with soybeans needed for sowing for the next crop.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.40 hours is trading lower at Rs. 2,659.00 [- 23.50] per 100 kg with 11,830 tonnes traded. July soybean at National Board of Trade [NBOT] is down at Rs. 2,665.00 [- 18.00] per 100 kg.



July CPO at Multi Commodity Exchange of India is trading lower at Rs. 519.10 [- 4.30] per 10 kg with 1,370 tonnes traded driven by losses in Malaysian palm oil futures and profit booking in local oilseed markets.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session sharply down tracking the heavy losses in US soy oil and crude oil. The fall in June 1-20 palm oil exports have also added to the selling pressure.



Malaysia’s palm oil exports during the June 1-20 period are estimated at 7,49,776 tonnes, down 10% on month by cargo surveyor Intertek Agri Services. The estimates are slightly below market expectations of around 750,000-800,000 tonnes.



The benchmark September contract has ended the morning session lower at MYR 3,546.00 [- 54.00] a tonne with 4,296 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on profit-booking tracking a broad based commodity selling and favorable weather outlooks for late soybean plantings. The fields in US Midwest were reported to be drying quickly and conditions were reported to be favourable for re-planting and late planting of soybean. The heavy losses in US crude oil and firmness in US Dollar led to heavy selling across major commodities, which was reflected in the soy complex too.



July soybeans settled 10 1/2 cents lower at $15.45 1/2 and November soybeans ended 21 1/2 cents lower at $15.21 1/2. July soymeal settled $2.40 lower at $419.50 per short ton. July soy oil finished 134 points lower at 64.12 cents per pound.



MUSTARD SEED



Mustard seed futures is trading lower on profit-booking tracking the strong losses in the global edible oil markets. The domestic soybean futures has also moved down, supporting the selling. The mustard seed market has risen by more than 6% in the previous eight sessions with a brief correction in between and market requires further correction before moving forward. However, the strong demand in the cash market from crushing units due to the supply tightness in imported edible oils and good demand for rapeseed meal are limiting the losses.



Most active mustard seed July futures on NCDEX is trading lower at Rs. 657.80 [- 4.35] per 20 kg with 20,950 tonnes traded.



The regional markets are also trading lower with August contract at Sirsa and Hapur quoting at Rs. 570.30 [- 0.70] and Rs. 624.40 [- 0.40] per 20 kg.



CASTOR SEED



Castor seed futures is trading higher amid strong demand despite the record-high prices and dip in arrivals. The market is speculating that the stocks would be tight before next arrivals commence in December due to strong export demand for castor meal, which is supporting the current bull run.



Castor seed July futures on NCDEX is trading higher at Rs. 567.00 [+ 4.90] per 20 kg with 240 tonnes traded.

Oilseeds end down on profit-booking
20 Jun 2008 5:43 pm

Mumbai - Indian vegetable oilseed futures closed sharply down on profit-booking after the recent heavy gains tracking the losses in the global edible oil markets. The drop of buying interest in the cash markets and the rise of inflation to a 13-year high too added to the selling pressure. However, the losses were reduced by strong reduction in losses in US soy complex.



The Malaysian palm oil futures closed down as weak export data confirmed current fears of slowing demand amid swelling stocks. US soy oil had fallen by more than 150 points in overnight trading and losses were extended by another 50 points when the Indian trading day started. But prices began to recover by afternoon, with July soy oil and July soybean quoting down by 23 points and 3.50 cents on e-CBOT when the Indian markets closed.



The correction was visible in the energy markets too with August crude oil at the New York Mercantile Exchange trading higher at $ 133.85 a barrel, up by $ 1.92 a barrel when trading in oilseeds halted in India.



The Indian oilseed futures had opened down and was trading lower throughout the day on profit-booking of recent sharp gains, supported by the losses in the global edible oil markets. However, the reduction of losses in US soy complex resulted in losses being reduced in the Indian markets too.



The Indian soybean markets had risen sharply by around 10% in the previous eight sessions and a correction was required; especially with conditions reported to be favourable for a record khariff oilseed output. The spot markets also moved down with little demand being seen at the current high prices. The buyers were waiting for the market to correct and reach a lower level before making further purchases.



Annual wholesale price inflation, rose 11.05%, a 13-year high, in the 12 months to June 7 adding to the selling pressure in the markets. Players are anticipating fiscal and financial measures as the Government attempts to control the prices, which could affect demand and increase supply.



The India Meteorological Department said monsoon rains in the June 1-18 period was 45% above normal and 70% above normal in the week ended June 18. Though, rains have slowed down in central India currently, IMD forecasted widespread rains in these areas in the coming weeks, which would quicken the sowing of khariff oilseeds.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] closed lower at Rs. 2,666.50 [- 16.00] per 100 kg with 68,610 tonnes traded. July soybean at National Board of Trade [NBOT] ended down at Rs. 2,669.00 [- 14.00] per 100 kg.



July CPO at Multi Commodity Exchange of India closed lower at Rs. 519.30 [- 4.10] per 10 kg with 13,080 tonnes traded driven by losses in Malaysian palm oil futures and profit booking in local oilseed markets.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down with the market worried over the falling exports and rising production, which could push stocks to fresh record-high levels of 2 million tonnes.



Malaysia’s palm oil exports fell 11.2% on month during June 1-20 period to 754,539 tonnes as estimated by cargo surveyor SGS (Malaysia) Bhd. Another surveyor Intertek Agri Services earlier pegged June 1-20 exports at 749,776 tonnes.



The benchmark September contract closed lower at MYR 3,551.00 [- 49.00] a tonne with 9,262 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on profit-booking tracking heavy losses in crude oil and favorable weather outlooks for late soybean plantings. July soybeans settled 10 1/2 cents lower at $15.45 1/2 and November soybeans ended 21 1/2 cents lower at $15.21 1/2. July soymeal settled $2.40 lower at $419.50 per short ton. July soy oil finished 134 points lower at 64.12 cents per pound.



MUSTARD SEED



Mustard seed futures closed sharply lower on profit-booking tracking the losses in global edible oil and domestic soybean markets. The mustard seed market had risen by more than 6% in the previous eight sessions with a brief correction in between and market required further correction before moving forward. The demand also eased in the cash markets as buyers waited for the correction to be over, before fresh purchases.



The sharp rise in inflation, fear of possible ban on futures trading in rapeseed and announcement by Government that it would commence sale of subsidized edible oil to poor families from July added to the selling pressure in the market.



Most active mustard seed July futures on NCDEX closed lower at Rs. 653.60 [- 8.55] per 20 kg with 1,40,030 tonnes traded.



The regional markets also closed lower with August contract at Sirsa and Hapur settling at Rs. 569.10 [- 1.90] and Rs. 622.50 [- 2.30] per 20 kg.



CASTOR SEED



Castor seed futures closed higher supported by strong demand despite the record-high prices and dip in arrivals. The market was speculating that stocks would become tight before next arrivals commence in December due to strong export demand for castor meal. The delay in rains in Andhra Pradesh and reports that sowing could be delayed by more than a month were also supporting the gains.



Castor seed July futures on NCDEX closed higher at Rs. 567.90 [+ 5.80] per 20 kg with 1,450 tonnes traded.



The regional markets closed marginally down with September contract at Rajkot settling at Rs. 2,923.00 [- 4.00] per 100 kg.

Oilseeds end down on profit-booking
20 Jun 2008 5:43 pm

Mumbai - Indian vegetable oilseed futures closed sharply down on profit-booking after the recent heavy gains tracking the losses in the global edible oil markets. The drop of buying interest in the cash markets and the rise of inflation to a 13-year high too added to the selling pressure. However, the losses were reduced by strong reduction in losses in US soy complex.



The Malaysian palm oil futures closed down as weak export data confirmed current fears of slowing demand amid swelling stocks. US soy oil had fallen by more than 150 points in overnight trading and losses were extended by another 50 points when the Indian trading day started. But prices began to recover by afternoon, with July soy oil and July soybean quoting down by 23 points and 3.50 cents on e-CBOT when the Indian markets closed.



The correction was visible in the energy markets too with August crude oil at the New York Mercantile Exchange trading higher at $ 133.85 a barrel, up by $ 1.92 a barrel when trading in oilseeds halted in India.



The Indian oilseed futures had opened down and was trading lower throughout the day on profit-booking of recent sharp gains, supported by the losses in the global edible oil markets. However, the reduction of losses in US soy complex resulted in losses being reduced in the Indian markets too.



The Indian soybean markets had risen sharply by around 10% in the previous eight sessions and a correction was required; especially with conditions reported to be favourable for a record khariff oilseed output. The spot markets also moved down with little demand being seen at the current high prices. The buyers were waiting for the market to correct and reach a lower level before making further purchases.



Annual wholesale price inflation, rose 11.05%, a 13-year high, in the 12 months to June 7 adding to the selling pressure in the markets. Players are anticipating fiscal and financial measures as the Government attempts to control the prices, which could affect demand and increase supply.



The India Meteorological Department said monsoon rains in the June 1-18 period was 45% above normal and 70% above normal in the week ended June 18. Though, rains have slowed down in central India currently, IMD forecasted widespread rains in these areas in the coming weeks, which would quicken the sowing of khariff oilseeds.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] closed lower at Rs. 2,666.50 [- 16.00] per 100 kg with 68,610 tonnes traded. July soybean at National Board of Trade [NBOT] ended down at Rs. 2,669.00 [- 14.00] per 100 kg.



July CPO at Multi Commodity Exchange of India closed lower at Rs. 519.30 [- 4.10] per 10 kg with 13,080 tonnes traded driven by losses in Malaysian palm oil futures and profit booking in local oilseed markets.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down with the market worried over the falling exports and rising production, which could push stocks to fresh record-high levels of 2 million tonnes.



Malaysia’s palm oil exports fell 11.2% on month during June 1-20 period to 754,539 tonnes as estimated by cargo surveyor SGS (Malaysia) Bhd. Another surveyor Intertek Agri Services earlier pegged June 1-20 exports at 749,776 tonnes.



The benchmark September contract closed lower at MYR 3,551.00 [- 49.00] a tonne with 9,262 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed sharply down on profit-booking tracking heavy losses in crude oil and favorable weather outlooks for late soybean plantings. July soybeans settled 10 1/2 cents lower at $15.45 1/2 and November soybeans ended 21 1/2 cents lower at $15.21 1/2. July soymeal settled $2.40 lower at $419.50 per short ton. July soy oil finished 134 points lower at 64.12 cents per pound.



MUSTARD SEED



Mustard seed futures closed sharply lower on profit-booking tracking the losses in global edible oil and domestic soybean markets. The mustard seed market had risen by more than 6% in the previous eight sessions with a brief correction in between and market required further correction before moving forward. The demand also eased in the cash markets as buyers waited for the correction to be over, before fresh purchases.



The sharp rise in inflation, fear of possible ban on futures trading in rapeseed and announcement by Government that it would commence sale of subsidized edible oil to poor families from July added to the selling pressure in the market.



Most active mustard seed July futures on NCDEX closed lower at Rs. 653.60 [- 8.55] per 20 kg with 1,40,030 tonnes traded.



The regional markets also closed lower with August contract at Sirsa and Hapur settling at Rs. 569.10 [- 1.90] and Rs. 622.50 [- 2.30] per 20 kg.



CASTOR SEED



Castor seed futures closed higher supported by strong demand despite the record-high prices and dip in arrivals. The market was speculating that stocks would become tight before next arrivals commence in December due to strong export demand for castor meal. The delay in rains in Andhra Pradesh and reports that sowing could be delayed by more than a month were also supporting the gains.



Castor seed July futures on NCDEX closed higher at Rs. 567.90 [+ 5.80] per 20 kg with 1,450 tonnes traded.



The regional markets closed marginally down with September contract at Rajkot settling at Rs. 2,923.00 [- 4.00] per 100 kg.