March 22, 2010

 

Bleak outlook for India's soy trading this week
 

 

India's oilseeds and soyoil futures are likely to be hampered early this week by the overall weakness in the overseas markets and a fall in meal exports, according to analysts.

 

Speculations for US soy and grain futures are relatively conservative as traders remained cautious before the US planting forecast is made at the end of the month. On another note, Malaysia palm oil futures have slumped 0.27% from an early trade.

 

Following sluggish demand from Vietnam, China, Indonesia and Japan, India's oilmeal exports in February have dropped 26%, a trade body reported.

 

In the previous session, the April soy contract NSBJO and the soyoil contract NSOJ0 ended 0.53% and 0.25% higher respectively on the National Commodity and Derivatives Exchange. The April rapeseed contract NRSJO, on the other hand, ended up 1% to 498.1 rupees per 20 kg.

 

However, good weather conditions may slightly increase India's rapeseed output to 6.3 million tonnes this year, leading to higher initial industry estimates, according to the analysts.

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