Strong US dollar Index and Weather Concerns Support Indian Agricultural Market

Indian edible oil market witnessed some recovery on Friday mainly due to short covering by the sellers.

Strong US dollar against Indian currency also added support to the edible oils i.e soy oil and crude palm oil as Indian is the net importer of these oils.

Weather concerns also encouraged bulls as there is forecast of widespread rains in many parts of the country for the next 3-4 days which may result in to some loss to the standing crop and delay in harvesting process of the crops like Mustard seed, Chana wheat.

Yesterday we posted in our blog that some recovery might be seen in the market.

On next week too, if intensity of rains remain high then market may witness some more gains in the above mentioned commodities.

Next week may witness increased volatility in the agricultural commodities market.