NCDEX Ref. Soya Oil likely to move in a range of 1364-1412
Commodity Online | July 29 2021
UPDATED 11:10:27 IST

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Technically Ref. Soya Oil market is under long liquidation as market has witnessed drop in open interest by 4.57% to settled at 30360 while prices down 0.8 rupees.

Now NCDEX Ref. Soya Oil is getting support at 1377 and below same could see a test of 1364 levels, and resistance is now likely to be seen at 1401, a move above could see prices testing 1412.

Ref. Soya Oil yesterday settled down by 0.06% at 1389.5 on profit booking tracking weakness in Soyabean prices after prices seen supported by lingering concerns over tight supply.

China raised its forecast on imports of edible oils in 2020/21 marketing year, on increase of palm oil and sunflower oil shipments, the country's agriculture ministry said.

China's 2020/21 edible oils imports were seen at 10.23 million tonnes, up 900,000 tonnes from last month's forecast, the Ministry of Agriculture and Rural Affairs said in its monthly crop report.

Estimates on output, planting acreage and imports of corn, soybeans and cotton in the 2021/22 year remain unchanged from a month ago, according to the ministry.

China's soybean acreage in 2021/22 year was seen at 9.347 million hectares, down 5.4% from 9.882 million hectares in the previous year, according to the report.

India has slashed the base import price of palm oil and soyoil, the government said in a statement, as prices fell in the overseas market.

India exported 5.31 lakh tonnes of oilmeals in the first two months of the fiscal 2021-22 against 3.50 lakh tonnes in the same period a year ago, recording a growth of 52 per cent.

BV Mehta, Executive Director of Solvent Extractors’ Association of India (SEA), said the export of oilmeals increased sharply on the back of shipments of rapeseed meal during the period. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1409.8 Rupees per 10 kgs.

Trading Ideas:
--Ref. Soya Oil trading range for the day is 1364-1412.
--Ref. Soya Oil dropped on profit booking tracking weakness in Soyabean after prices seen supported by lingering concerns over tight supply.
--China raised its forecast on imports of edible oils in 2020/21 marketing year, on increase of palm oil and sunflower oil shipments.
--China's 2020/21 edible oils imports were seen at 10.23 million tonnes, up 900,000 tonnes from last month's forecast
--At the Indore spot market in Madhya Pradesh, soyoil was steady at 1409.8 Rupees per 10 kgs.

Courtesy: Kedia Commodities

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