Friday, 13 February 2015

NCDX : Soybean To Trade Sideways On Weak Oil Meal Demand



                                                 Soybean April contract is likely to trade sideways for both short term and intra day. Short term support is seen at 3300 and resistance at 3510. Soybean futures may trade on a mixed to positive note due to good buying support at lower prices and sluggish demand for oil meal might weigh on prices. Soybean April contract gained 0.98% to 3407 levels at NCDEX on Friday(11.50am).

 Oil meal exports may drop 40 per cent in 2014/15 due to lower demand for soymeal as key buyers like Iran and Japan switch to cheaper supplies from South America. In January 2015, Soymeal exports fell by more than 71 per cent to 104,426 tonnes against 364,443 tonnes in the same month a year ago. The domestic spot markets continued to be influenced by sluggish buying activity from retail traders. At Indore market, soybean plant rates lost between Rs. 20 - Rs. 30 to quote in the range of Rs. 3,300-Rs. 3,360/100kg. The fundamentals of the international market reflect that U.S. soybean supplies were tighter than expected due to rising demand on both the domestic and export fronts, according to government data released on Tuesday. As per International Grain Council(IGC), soybean output may rise by 40 lakh tons this year. It has estimated 31.20 crore tons output globally in 2014-15. Previously, the IGC had estimated 30.8 crore tons in its projection released in November. IGC has estimated 117 lakh tons of soybeans in India for 2014-15, while it was 120 lakh tons last year. However, some organizations differ the estimate. As per the Soybean Processors Association of India report released in November, soybean output may be around 105 lakh tons, while Central Organization for Oil Industry and Trade (COIT) has predicted 91 lakh tons. The COIT has estimated 13 lakh tons less output in Maharashtra as compared to last year. As per COIT, soybean output was 38 lakh tons in the state last year, while it has been recorded only 25 lakh tons as of now.

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