In the domestic markets, soy complex treaded water on lack of any fresh cues in domestic as well as international market. Soybean prices opened with a positive streak but lack of any fresh bullish trigger and larger supplies in the international market weighed on the sentiments at higher prices. Arrivals in the spot market were close to 80,000 bags. Farmers this year have not been aggressive sellers and are holding onto their beans in anticipation of higher prices. However, oil prices haven’t seen much of an upside largely due to ample supplies. With India’s imports at record level in the month of February and drop in rival palm oil prices is keeping buying interest away. India's edible oil imports in February jumped 9.25 percent on year to 954,176 tons. Also with the arrival of rapeseed which will increase the supply of domestic vegetable oil, upside in oil looks to be limited. Mustard production this year is likely to rise to about 70 lakh tons compared to 60.5 lakh tons last year. Post the festival of Holi, higher arrivals in the spot market will pressurize prices and one must look to sell oil on pullbacks.
On the Chicago Board of Trade, soybean futures ended the session a shade lower from the previous close. This was the sixth day of consecutive loss due to the overall bearish sentiments in the economy. With key government report next week which is likely to be bearish, traders liquidated positions in advance. Ongoing pressure from the Brazilian harvest further weighed on the sentiments. China’s Sunrise Group said the firm will cancel almost 2 million tons of Brazilian soybeans because shipments have been delayed due to port congestion in the South American nation. Some analysts are also reporting China’s soybean stocks are at low levels and its March imports will be below its needs.
Malaysian palm oil futures rebounded on Tuesday on bargain-hunting a day after a radical Cyprus bailout proposal had prompted declines, although gains were capped as uncertainty remained ahead of a vote on the plan. Exports of Malaysian palm oil products for March 1 to 20 rose 11 percent to 927,665 tons from 835,612 tons in the Feb. 1 to 20 period as per the cargo surveyor Intertek Testing Services.
On the Chicago Board of Trade, soybean futures ended the session a shade lower from the previous close. This was the sixth day of consecutive loss due to the overall bearish sentiments in the economy. With key government report next week which is likely to be bearish, traders liquidated positions in advance. Ongoing pressure from the Brazilian harvest further weighed on the sentiments. China’s Sunrise Group said the firm will cancel almost 2 million tons of Brazilian soybeans because shipments have been delayed due to port congestion in the South American nation. Some analysts are also reporting China’s soybean stocks are at low levels and its March imports will be below its needs.
Malaysian palm oil futures rebounded on Tuesday on bargain-hunting a day after a radical Cyprus bailout proposal had prompted declines, although gains were capped as uncertainty remained ahead of a vote on the plan. Exports of Malaysian palm oil products for March 1 to 20 rose 11 percent to 927,665 tons from 835,612 tons in the Feb. 1 to 20 period as per the cargo surveyor Intertek Testing Services.