Monsoon has remained quite better in central and north-west India. The sowing activities have also picked up for oilseeds in Madhy Pradesh and Rajasthan states of India. Further the concerns of drought are almost over.
This has put the bearish impact on the market.
Further the oil meal exports figures are also discouraging for the Indian traders.
As per the latest data released by the SEA of India, the exports of oilmeals have fallen drastically.
The following statistics is provided by SEA of India.
This has put the bearish impact on the market.
Further the oil meal exports figures are also discouraging for the Indian traders.
As per the latest data released by the SEA of India, the exports of oilmeals have fallen drastically.
The following statistics is provided by SEA of India.
- The total export of oilmeals during April-July 2014 is reported at 721,577 tons compared to 1,038,819 tons i.e. down by 31%.
- In July 2014 export of oilmeals is reported at 115,094 tons compared to 182,133 tons in July 2013 i.e. down by 37%.
- Export of soybean meal greatly reduced in last 3 months due to high cost of soybean in local market lead to total disparity for soybean meal in international market.
- However share of rapeseed meal has increased from 267,461 to 408,410 in last 4 months.
International market also remains in the grip of bears.
We continue to see Indian market falling in near future in the absence of fresh buying interest.
As stated earlier in the past post, the soybean may find support in medium term near Rs. 2900-3200 in the Indian Futures Market (NCDEX) by September 14. [ current market prices in the futures market are 3560]
As stated earlier in the past post, the soybean may find support in medium term near Rs. 2900-3200 in the Indian Futures Market (NCDEX) by September 14. [ current market prices in the futures market are 3560]
