Boiling News & Veg Oils ,crude

Oilseeds up on spec. gains, US soy
31 May 2008 11:04 am




Mumbai, May 31 - Indian vegetable oilseed futures is trading higher on speculative buying, supply tightness and overnight, strong gains in the US soy markets.



The US soy complex has ended sharply higher overnight on technical correction, Argentina concerns and planting delays, which is supporting the gains in the Indian markets. Crude oil too recovered moderately overnight. Malaysian palm oil futures closed lower on Friday night on profit-booking.



Meanwhile, heavy speculative buying is continuing in the domestic futures markets on anticipation of a prospective ban on futures trading in sugar, rapeseed, soybean and corn. A few traders are pushing up prices on speculation that when government bans futures in these commodities, it will ask exchanges to settle their contracts on the basis of prices on the last trading session and not prices in the physical market. The same practice was followed when Government suspended futures trading recently in soy oil, potato, chana and rubber.



Inflation was reported to have risen yesterday to a fresh 45-month high of 8.1% for the week ending May 17. Further gains are also expected as the Government would be forced to hike fuel prices, which would evidently get passed on to all commodities. The market is speculating that political pressure may lead to Government banning futures trade in more essential commodities.



Supply tightness is evident in the local markets on account of very minimal arrivals in soybean and tension prevailing in Rajasthan due to the Gujjar strike. However, many players who have been caught off-guard by yesterday’s late gains in the markets are attributing the gains to heavy speculative buying.



Soybean arrivals today are reported to be around 50,000 bags in Madhya Pradesh and it is being traded around Rs. 2,500 for 100 kg in the physical markets. However, very limited trading is being witnessed due to the low arrivals and high prices. At the same time, the gains in soy oil are more limited with refined soy oil at Indore quotinf at Rs. 605 for 10 kg [without tax].



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] at 11.05 hours is trading higher at Rs. 2,492.00 [+ 18.50] per 100 kg with 22,490 tonnes traded. June soybean at National Board of Trade [NBOT] is up at Rs. 2,491.50 [+ 18.50] per 100 kg.



The US soy complex closed higher on Friday night on technical re-bound after Thursday’s sharp fall, lingering concerns for Argentina farmers' strike and the uncertainty of 2008 soybean acreage and output. Moderate recovery in crude oil was also supportive.



July soybeans settled 40 3/4 cents higher at $13.63 1/2 and November soybeans ended 33 cents higher at $13.54 1/2. July soymeal settled $9.70 higher at $341.50 per short ton. July soy oil finished 101 points higher at 61.31 cents per pound.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down on Friday with benchmark August contract settling at MYR 3,498.00 [- 67.00] a tonne with 7,548 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic soybean and recovery in US soy complex overnight. Speculative buying is still being seen in the market. However, exit by players with loss-making positions is limiting the gains.



Supply concerns due to the ongoing strike by Gujjars in Rajasthan are also supporting the gains. Market players are reporting that strike by Gujjars has sharply reduced the transaction in the mandis, crushing, processing activities and badly affected the transportation of mustard oil.



Most active mustard seed July futures on NCDEX is trading higher at Rs. 644.90 [+ 2.45] per 20 kg with 38,770 tonnes traded.



The regional markets are up with August contract at Sirsa and Hapur quoting at Rs. 558.60 [+ 0.60] and Rs. 614.30 [+ 3.20] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading higher with fresh buying continuing as the huge basis between futures and spot has narrowed. Castor seed June contract at NCDEX is trading higher at Rs. 525.00 [+ 0.40] per 20 kg with 50 tonnes traded.



Regional markets are trading higher with June contract at Rajkot quoting at Rs. 2,622.00 [+ 3.00] per 100 kg.

Spot Soya oil prices - May 31
31 May 2008 1:00 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 31/05/08 30/05/08
Min Max Min Max
Mumbai 630 631 630 631
Indore 625 626 623 624
*Akola 650 651 648 649
Alwar 645 646 645 646
*Amravati 647 648 646 647
Bharatpur 645 646 645 646
Bundi 640 641 638 640
Chennai 645 650 650 651
*Kolkata 660 661 660 661
Hyderabad 650 651 655 656
*Jalana 650 651 650 651
Kakinada 650 651 650 651
Kandla 635 636 630 631
*Kanpur 650 651 650 651
*Latur 650 651 640 641
Manglore 640 641 640 641
*Nagpur 658 665 658 665
*Nandad 648 649 640 641
Rajkot 620 625 630 635
*Solapur 650 651 650 651

Crude Oil MCX June
30 May 2008 9:06 am




The trend has turned down.

Cut your long positions at current market price or on a rise to Rs 5491 or as the opportunity arises.

Sell only on a fall below Rs 5372 with a stop loss at Rs 5726.

Intra-day traders can wait for a rise above Rs 5491 and when it falls below Rs 5491 then sell with the high above Rs 5491 as the stop loss.

MACD is now in the negative zone. The 14 Day RSI is now falling from top and now below the 70 mark.

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

Yesterday's Close
5415.00

1 day back Close
5595.00

% Gains/Loss Yesterday
-3.32

Trend


Daily Closing Reversal Point
5558.00

Down Trend Date
29-May-08

Down Trend Price
5415.00

Current Gain/Loss
0.00

% Gains/Loss
0.00%

Open Interest
15732.00

Previous Days
17262.00

% Increase/Decrease in OI
-9.73

Highest Open Interest of Contract
23242.00

Volumes
105782

Previous Days Volume
101908

% Increase/Decrease in Volumes
3.66

Highest Volume of the Contract
105782


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

5415
5558
5178
5296
5491
5609
5804



Crude Oil MCX June
30 May 2008 9:06 am




The trend has turned down.

Cut your long positions at current market price or on a rise to Rs 5491 or as the opportunity arises.

Sell only on a fall below Rs 5372 with a stop loss at Rs 5726.

Intra-day traders can wait for a rise above Rs 5491 and when it falls below Rs 5491 then sell with the high above Rs 5491 as the stop loss.

MACD is now in the negative zone. The 14 Day RSI is now falling from top and now below the 70 mark.

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

Yesterday's Close
5415.00

1 day back Close
5595.00

% Gains/Loss Yesterday
-3.32

Trend


Daily Closing Reversal Point
5558.00

Down Trend Date
29-May-08

Down Trend Price
5415.00

Current Gain/Loss
0.00

% Gains/Loss
0.00%

Open Interest
15732.00

Previous Days
17262.00

% Increase/Decrease in OI
-9.73

Highest Open Interest of Contract
23242.00

Volumes
105782

Previous Days Volume
101908

% Increase/Decrease in Volumes
3.66

Highest Volume of the Contract
105782


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

5415
5558
5178
5296
5491
5609
5804

Maharashtra soybean plant rates - May 31
31 May 2008 1:06 pm



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

Plant
Place
Rates

Kirti
Krishnur
2495

Kirti
Solapur
2520

Kirti
Latur
2495

Tina
Latur
2490

Srinivasa
Nanded
2455

Kohinoor
Nanded
2455

Saismaran
Nanded
2455

New Mah
Dhulia
2555

Disan
Dhulia
2560

Sanjay soya
Dhulia
2555

Chakan
Sangli
2525

Shiv Shakti
supa
2560

Bhakti exp
Jalna
2550

Shivparvati
Hingoli
2450

Siddharth
Akola
2460

Bhaskar
Amravati
2450

Bhaskar
Nagpur
2425

kargil
Nagpur
2470

Shamkala
Bhandara
2470

Tanya
Nagpur
2480

Malaysia's May palm oil exports 1.21M Tons -Intertek
31 May 2008 10:20 am

Kuala Lumpur - Malaysia's palm oil exports in May fell 6.2% on month to 1.21 million metric tons, cargo surveyor Intertek Agri Services said Saturday.

The estimate is in line with market expectations of exports around 1.21 million tons.

Malaysia exported 1.29 million tons palm oil in April and 1.26 million tons in March, according to Intertek.

Malaysia's palm oil exports in February were estimated by Intertek at 1.09 million tons, while January and December's were estimated at 998,344 tons and 1.43 million tons, respectively.

Another surveyor, SGS (Malaysia) Bhd., is expected to release export estimates for May Monday.

Spot Groundnut oil prices - May 31
31 May 2008 12:56 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 31/05/08 30/05/08
Min Max Min Max
Mumbai 705 706 710 711
Rajkot 680 685 680 685
Hyderabad 705 706 715 716
Ahemdabad 690 691 690 691
Chennai 700 701 710 711
Kurnool 680 681 685 686
Narsarropeth 725 726 725 726
Prodattour 670 671 670 671
Bikaner 670 671 675 677

Oilseeds end mixed, profit-booking in mustard
31 May 2008 4:30 pm


Mumbai, May 31 - Indian vegetable oilseed futures closed mixed with soybean making gains supported by speculative gains and overnight strong gain in the US soy markets. However, heavy profit-booking of yesterday’s gains was witnessed in rapeseed towards closing, which closed just marginally up.



The US soy complex ended sharply higher overnight on technical correction, Argentina concerns and planting delays, which was supporting the gains in the Indian markets. Crude oil too recovered moderately overnight. Malaysian palm oil futures closed lower on Friday night on profit-booking.



Supply tightness was evident in the local markets on account of very minimal arrivals in soybean and tension prevailing in Rajasthan due to the Gujjar strike. Soybean arrivals today were reported to be around 50,000 bags in Madhya Pradesh and it was traded around Rs. 2,500 for 100 kg in the physical markets. However, very limited trading was witnessed due to the low arrivals and high prices. At the same time, the gains in soy oil were more limited with refined soy oil at Indore quoting at Rs. 605 for 10 kg [without tax].



Speculative buying was also seen on anticipation of a prospective ban on futures trading in sugar, rapeseed, soybean and corn. Expectation that the contracts would be settled at closing price of the last trading session was pushing the market to make further gains, However, the gains were more limited today against yesterday’s late frenzied buying, especially in rapeseed.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] closed higher at Rs. 2,486.00 [+ 12.50] per 100 kg with 52,840 tonnes traded. June soybean at National Board of Trade [NBOT] ended up at Rs. 2,484.00 [+ 11.50] per 100 kg.



The US soy complex closed higher on Friday night on technical re-bound after Thursday’s sharp fall, lingering concerns for Argentina farmers' strike and the uncertainty of 2008 soybean acreage and output. Moderate recovery in crude oil was also supportive.



July soybeans settled 40 3/4 cents higher at $13.63 1/2 and November soybeans ended 33 cents higher at $13.54 1/2. July soymeal settled $9.70 higher at $341.50 per short ton. July soy oil finished 101 points higher at 61.31 cents per pound.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down on Friday with benchmark August contract settling at MYR 3,498.00 [- 67.00] a tonne with 7,548 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



MUSTARD SEED



Mustard seed futures closed mixed with all contracts witnessing heavy selling towards closing as profit-booking of yesterday’s heavy gains was witnessed. However, the gains in domestic soybean and recovery in US soy complex overnight limited the losses.



Most active mustard seed July futures on NCDEX closed marginally up at Rs. 642.50 [+ 0.05] per 20 kg with 1,15,220 tonnes traded.



The regional markets ended up with August contract at Sirsa and Hapur settling at Rs. 557.80 [- 0.20] and Rs. 613.70 [- 0.60] per 20 kg respectively.



CASTOR SEED



Castor seed futures closed higher on is trading higher with fresh buying continuing as the huge basis between futures and spot has narrowed. Reports of slow progress of monsoon also supported the gains. Castor seed July contract at NCDEX closed higher at Rs. 536.00 [+ 1.50] per 20 kg with 830 tonnes traded. The regional markets also ended down with June contract at Rajkot settling at Rs. 2,614.00 [- 5.00] per 100 kg.

Oilseeds down on monsoon, profit-booking
2 Jun 2008 10:32 am

Mumbai, June 1 - Indian vegetable oilseed futures is trading lower as profit-booking of the heavy speculative gains made on Friday is being seen. The reports of monsoon reaching Kerala on May 31, a day ahead of schedule is also adding to the selling pressure. However, gains in Malaysian palm oil are limiting the losses.



Malaysian palm oil futures has ended the morning session higher supported by Friday’s sharp gains in US soy oil. The US soy complex is trading lower currently with July soy oil and July soybean quoting down by 28 points and 3.50 cents respectively on e-CBOT.



The Indian markets had made gains towards the closing of last week on heavy speculative buying, despite weakness in the global markets. The arrival of the monsoon is leading to players exiting those positions.



The Indian Meteorological Department has said that monsoon rains have covered most parts of Kerala and some parts of Tamil Nadu. The monsoon rains have entered India’s mainland on May 31, a day ahead of the normal onset date of June 1. A normal monsoon is crucial for khariff oilseeds like soybean, groundnut and cotton seed removed from cotton as more than 60% of India’s agricultural lands are not having any other irrigation facilities.



Industry experts are expecting an increase in soy area in the upcoming khariff season, sowing for which will be at a peak in July. Mr. D.R. Kalra, executive director, Soybean Processors' Association of India has said that soybean may be sown over a record 10 million hectares this year, up by 13% over last year. According to Government estimates, soybean was sown in a record 8.85 million hectares in 2007 and a record 9.45 million tonnes was produced.



Mr. Kalra said that the expected rise would be mainly due to a shift from other crops towards the oilseed in the key growing states - Maharashtra, Madhya Pradesh and Rajasthan - where oilseed farmers have realised better returns. He also felt that the rise would be supported by an increase in the area in states like Karnataka, Andhra Pradesh and other states, which grow very little soybean.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.40 hours is trading lower at Rs. 2,476.00 [- 10.50] per 100 kg with 11,240 tonnes traded. June soybean at National Board of Trade [NBOT] is down at Rs. 2,476.00 [- 9.00] per 100 kg.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session higher supported by the sharp gains made by US soy oil on Friday. However, disappointing May imports have limited the gains. Cargo surveyor, Intertek has estimated exports in May at 1.21 million tons, down 6.2% on month.



The benchmark August contract has ended the morning session down at MYR 3,545.00 [+ 47.00] a tonne with 2,668 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed higher on Friday night on technical re-bound after Thursday’s sharp fall, lingering concerns for Argentina farmers' strike and the uncertainty of 2008 soybean acreage and output. Moderate recovery in crude oil was also supportive.



July soybeans settled 40 3/4 cents higher at $13.63 1/2 and November soybeans ended 33 cents higher at $13.54 1/2. July soymeal settled $9.70 higher at $341.50 per short ton. July soy oil finished 101 points higher at 61.31 cents per pound.



MUSTARD SEED



Mustard seed futures is trading down with all contracts witnessing heavy selling pressure as profit-booking of Friday’s heavy speculative gains is being witnessed. However, the gains in the Malaysian palm oil futures are limiting the losses. The arrival of monsoon in the Indian mainland is prompting players to exit positions. A normal monsoon would result in a record khariff oilseed production as area under oilseeds is expected to increase sharply. This would restrict the long-term gains in mustard seed.



Most active mustard seed July futures on NCDEX is trading down at Rs. 638.35 [- 3.75] per 20 kg with 29,340 tonnes traded.



The regional markets are down with August contract at Sirsa and Hapur quoting at Rs. 556.50 [- 1.30] and Rs. 612.70 [- 1.00] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading lower with the arrival of monsoon increasing the selling pressure in this market too. A normal monsoon would be beneficial for castor seed crops too. The good prices achieved this year can be expected to increase the acreage of castor seed too this year. However, competition from other crops may limit the increase.



Castor seed July contract at NCDEX is trading lower at Rs. 533.00 [- 4.70] per 20 kg with 70 tonnes traded.

Mumbai edible oil prices - June 02
2 Jun 2008 9:58 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
31/05/08 02/06/08 Change
Sunflower oil Exp
670 670 -
oil Ref
715 720 +5
Groundnut oil
705 705 -
RBD Palmolein
570 576 +6
Cottonseed oil ref
613 614 +1
Mustard oil
630 635 +5
Ref Soy oil
630 635 +5

Product: FOB Malaysian ports- June 02
2 Jun 2008 9:58 am

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

Month
US $/ Per tonnes

June
1247.5

July
1247.5

Aug
1247.5