Oilseed complex can remain weak for the day as most anticipated supply demand report has not reported in many changes compared to previous month’s estimate and market had already factored these numbers.
Though weekly export sales data from U.S has reported better export numbers it was ignored amidst of the USDA report. Steep surge in domestic prices might also restrict the buyers in physical markets.
Indian market is looking forward for oil imports data which is of more concern. However estimates are higher which would add further pressure to the prices.
Factors to watch out for:
China’s soybean imports ending by June may gain by 8% to 41.3 million tons
Brazil has harvested 6% of the crop compared to 3% as on Feb 3 last year
Meal exports from India dropped by 16% in the month of January
Malaysia’s tax free quota for crude palm oil exports this year is set at 3 million tons
Bio diesel production in 2011 reached 800 gallons compared to 690 gallons in the previous year
Courtesy: Karvy Commtrade Ltd.
Looking for Trading Advisories? Visit tips.commodityonline.com
