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December 22, 2008

India Oilseed Weekly: Record oilseed sowing on cards for India (week ended Dec 21, 2008)
 
An eFeedLink Exclusive
 
 
Price Summary
 
Soy Indore prices again up in this week with a gain of Rs. 107 per tonne on Saturday (December 20) and settled at Rs. 17,625 per tonne.
 
In meal sector, Soy meal Indore was also the gainer with INR 194 per ton with Soy Meal 48% with a loss of INR 400 per ton only.
 
However, price of Peanut Kernal, which was the biggest sufferer of INR 2, 128.00 per ton and Peanut Meal of INR 100.00 per ton respectively.
 
Price of Rapeseed increased by INR 276.00 and Rapeseed Meal decreased by INR 235.00 per ton respectively.
 
However, Sunflower price was stable as compared to last week's rate. Whereas its Meal was up by INR 200 per ton respectively.
  
Prices of Groundnut Extraction (GNE) 40% and GNE 45% were came down due to manufacturing program started in Plants for extraction and traded at INR 9, 300 and INR 9, 900 per ton respectively.
 
 
Market Analysis
 
For rapeseed and mustard, the main rabi oilseed crops, Indian farmers have now planted 6.398 million hectares, compared to 5.715 million hectares in 2007-2008.
 
Acreage has gone up in Rajasthan (2.366 to 2.762 million hectares), Uttar Pradesh (0.778 to 0.853 million hectares), Madhya Pradesh (0.670 to 0.782 million hectares), Haryana (0.499 to 0.625 million hectares) and West Bengal (0.425 to 0.435 million hectares), while dipping marginally in Gujarat (0.328 to 0.292 million hectares).
 
Meanwhile, weather is good for early and timely mustard sowing in West India. Isolated rain anticipated due to western disturbances in North West India may aid the crop.
  
The dry sunny weather is favourable for soy harvesting and post harvesting activities that are near completion in Uttar Pradesh, Central and West India.
 
 
Market Forecast
 
Soy
 
Soy prices continue to be firm on good domestic demand from millers and crushers as well as export demand. The situation has been aided by declining arrivals.
 
Mustard
 
Mustard prices are steady to weak on subdued trading and steady arrivals.
 
Groundnut
 
Prices are steady on firm demand while futures will be bullish due to expectation of strong export demand.
 
Guar Seed
 
Guar prices are low due to increase in arrivals amid decent demand. Lower output may support prices in long term when arrivals start decreasing in a few weeks as exports rise.
 

The comparison rates of nine commodities like Soy/ Peanut/ Rapeseed/ Sunflower and their meals

Commodities

Prices as on Dec 13

Prices as on Dec 20

Difference

               Soy (Indore)

                   17, 518

                     17, 625 

                   +  107

               Soy Meal 48%

                   13, 100

                     13, 294      

                   +  194         

               Soymeal Indore

                   14, 400  

                     14, 000 

                    -  400

               Peanut Kernal

                   24, 925

                     22, 797

                -  2, 128

               Peanut Meal

                   10, 000

                       9, 900

                    -  100

               Rapeseed

                   31, 372

                     31, 648

                   +  276  

               Rapeseed Meal

                   11, 410 

                     11, 175

                   -  235

               Sunflower

                   28, 500

                     28, 500

                   Stable        

               Sunflower Meal 

                     9, 200

                       9, 400

                   +  200 

US$1 = INR 47.465 (Dec 22, 2008)


 


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