June 28, 2010

Indian refined soyoil futures look bullish

July refined soyoil futures ended in green on account of short covering and improved demand at retail ends on Saturday (Jun 26).

The USDA's weekly export sales came in line with expectations for oil. Net oil sales were 45,500 tonnes for the current marketing year and none for the next marketing year for a total of 45,500.

The Census Bureau released its monthly crush report for May on June 24. Soyoil stocks were pegged at 3.450 billion pounds, up from 3.354 billion pounds in April.

CBOT August soyoil futures ended at 37.33 cents/pound on Friday (Jun 25), unchanged as compared to previous close.

Prices closed above its 10 day & its 20 day EMA, which indicates mixed market sentiments. 14-Day RSI is at 51.56, which is in neutral zone.

Refined soyoil futures are expected to trade slightly higher on firm overseas market in the short term.