Fortune Financial Services has come out with its report on Soy Oil and Soybean. According to the research firm, NCDEX Soy Oil future contract is expected to remain negative on chart, traders are advised to sell and intraday resistance is seen near Rs 713.90-719.50-723.70.
The oilseed received some support due to rise in soymeal exports. Soymeal exports in January were 619,793 tn compared to 474,993 tn a year ago, Demand for Indian soymeal has risen as supplies from South American will enter the market only from mid-March. Most soyoil futures closed lower tracking the fall in international prices and weakness in spot markets. At Indore, soyoil traded down at 735-756 rupees per 10 kg, compared with 746-761 rupees Tuesday. Soybean and soyoil prices received some support as the rupee, which has inverse correlation with edible oil prices, erased early gains and weakened slightly against the dollar. Rupee ended at 53.1650 per dollar compared to 53.1300 on Tuesday.
Crude palm oil futures on MCX ended down tracking weakness in Malaysian palm oil market, which fell due to limited buying activity as China gears up for the Lunar New Year holidays next week. Mustard futures on NCDEX traded lower due to expectations of rise in output. India is expected to harvest 7.0-7.5 mln tn mustard crop in the ongoing rabi season from over 6.7 mln ha acreage. Traders are eyeing the weather in Rajasthan as Indian Meteorological Department has predicted rains and thundershowers in the largest-producing state.
NCDEX Soy Oil future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near 713.90-719.50-723.70. Intraday support is seen near 704.10-699.90-694.30.
NCDEX Soy bean future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near 3278.67 , 3300.33 & 3313.67 . Intraday support is seen near 3243.67 3230.33 & 3208.67. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment
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