Refined Soy Oil Mar Fut may test Rs 714-716: Emkay

Emkay Commodity Research has come out with its report on agri commodity. According to the research firm, March Refined Soy Oil is looking firm till price manages to trade above Rs 706 levels. It is likely to trade sideways to higher towards Rs 714 followed by Rs 716 levels.

 India may buy record 44 million tonnes of wheat this year-

The Government expects to procure a record 44 million tonnes (mt) of wheat in the current Rabi marketing season starting April. This is about 6 mt or 15 per cent more than last year’s 38.14 mt. The wheat procurement estimates were finalised at a meeting of State Food Secretaries on Monday. The country is expected to produce 92.3 mt of wheat this year against last year’s record output of 94.88 mt. For the current year, the Centre has declared a minimum support price of Rs 1,350 a quintal, up from last year’s Rs 1,285.

Traders sell up to 750,000 tonnes new season wheat-

Traders have jumped in to take advantage of attractive global prices by sealing deals to export up to 750,000 tonnes of the new season wheat, three trade sources said on Tuesday, kicking off overseas sales for the harvest to begin in March. While private traders have struck deals for 500,000-750,000 tonnes at $295-$300 a tonne free on board, the government is still dragging its feet on allowing extra exports from its overflowing grain bins to make room for this year's crop. Farmers are expected to harvest another bumper crop this year after a record 95 million tonnes in 2012. Domestic demand runs at around 76 million tonnes.

Technicals:

Mar Soybean trend remains firm for the day as price has settled well over strong levels of 3350. By retesting 3275 levels down March prices could gain its strength towards 3350 followed by 3400 levels.

Mar Refined Soy Oil is looking firm till price manages to trade above 706 levels. For the day Mar is likely to trade sideways to higher towards 714 followed by 716 levels. A break and close below 706 can only change our bias.

MCX CPO Feb contract remains firm as price settled well above 455 levels on Tuesday, leaving room for potential gains towards 460. For the day buy on dips could be the strategy.

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