ผู้เขียน หัวข้อ: Weak Indian Currency, Soybean crushing lift NCDEX Soy Oil  (อ่าน 1209 ครั้ง)

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Weak Indian Currency, Soybean crushing lift NCDEX Soy Oil
« เมื่อ: พฤศจิกายน 11, 2013, 03:14:14 PM »
Last Updated : 11 November 2013 at 12:15 IST
Weak Indian Currency, Soybean crushing lift NCDEX Soy Oil
 
 
 
The India soybean crop is reduced 0.5 million tons to 11.8 million as excessive rainfall during much of the growing season reduced yield potential, said the United States Department of Agriculture (USDA) in its November 2013 World Agricultural Supply and Demand Estimates (WASDE). Soy oil futures for December delivery on National Commodity and Derivatives Exchange (NCDEX) was seen trading with a gain of 0.92% at Rs.728.55 per 10 kgs as of 11.29 IST on Monday.

MUMBAI (Commodity Online): India soy oil futures edged up on Monday supported by weak Indian Rupee and a mid low soybean crushing activity.
Soy oil futures for December delivery on National Commodity and Derivatives Exchange (NCDEX) was seen trading with a gain of 0.92% at Rs.728.55 per 10 kgs as of 11.29 IST on Monday.
Technically, the trend in NCDEX soy oil for December delivery looks positive and further up-tick is expected from current levels. Support for the commodity is seen at 718 while resistance is seen at 737. Traders may buy around 725 with the stop loss of 718 for the target of 737, according to Milan Shah, Research Analyst at Commodity Online.
Weakness in Indian Rupee against US Dollar was seen supporting the commodity on NCDEX. Indian Rupee was seen touching 63.28 against US Dollar, a depreciation of 0.10% as of 11.39 IST on Monday.
The US dollar was seen trading near two-month highs against a basket of major currencies in Asia on Monday morning. Last week's firm US data ha supported the currency.
The India soybean crop is reduced 0.5 million tons to 11.8 million as excessive rainfall during much of the growing season reduced yield potential, said the United States Department of Agriculture (USDA) in its November 2013 World Agricultural Supply and Demand Estimates (WASDE).
Soybean crushing activity in the country was down around 35-50% in October, year-on-year basis, according to industry experts. Around 5.5 -6 lakh tons of soybean was crushed in October, lower when compared to the 2-3 lakh tons, year-on-year basis.
India's oil year starts in October and ends in September.
Low quality, weak arrivals due to rain fall activities during soybean harvest season may have caused for the lower crushing activities.
The import of vegetable oils during September, 2013 is reported at 863,917 tons compared to 993,912 tons, year-on-year basis, down by 13%, according to Solvent Extractors Association of India (SEA).
India's export of oil meals in October 2013, reported at 368,317 tons higher when compared to 122,108 tons, year-on-year basis. The export of oil meals during April-October 2013 was at 2,019,582 tons compared to 1,749,412 tons, up by 15% year-on-year basis, as per SEA data.
Global Updates
Global oilseed production for 2013-14 is projected at a record 499.4 million tons, up 4.3 million from September. Higher soybean, sunflower seed, and rapeseed forecasts account for most of the change. Global soybean production is projected at 283.5 million tons, up 1.9 million as the increase for the United States more than offsets reductions for India, Canada, Russia, and Ukraine, as per USDA WASDE.
US oilseed production for 2013-14 is projected at 96.4 million tons, up 3.3 million from the September estimate due to increased soybean, peanut, cottonseed, and canola production. Soybean production is forecast at 3.258 billion bushels, up 109 million as higher yields more than offset lower harvested area. Harvested area is reduced 0.7 million acres to 75.7 million. The soybean yield is projected at 43.0 bushels per acre, up 1.8 bushels. Soybean supplies for 2013/14 are projected 4 percent above the September estimate on both increased production and beginning stocks, according to USDA WASDE.