Year 2015 is entering with a positive note in the indian oilseeds and edible oil market.
- Rabi Season oilseeds sowing is lagging behind from the previous year and weather is also not very much conducive due to excessive cold in north India, the production is expected to remain low of the rabi oilseeds crops.
- The indian government has increased the import duty on crude and refined edible oils which has resulted into increased parity prices. Thus sharp price rise is seen in the past few days.
- The Indian Rupee has seen depreciation against US dollar which has also supported the bulls.
- The domestic demand has seen gradual improvement which is likely to continue in medium term.
Thus we expect that both soybean and soy oil will see bullish trend in the Indian futures market in the medium term.
Buy Soy oil NCDEX in the range of 650-655 Target 755 Stop loss 591
Buy Soybean NCDEX in the range of 3350-3375 Target 4950 Stop loss 2870
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