Jul Soybean edged higher on Monday tracking firm demand in spot market and reports of good meal exports in June. As per latest report by SOPA, soymeal exports rose 22.5% on year to 136,000 tn. During Oct-Jun, the soymeal exports are estimated at 13.6 lakh tn, against 16.3 lakh tn in the year-ago period. The cabinet raised the minimum support price for soybean by 11.4% to Rs 3,399 per quintal but the futures have been higher than MSP. The area under soybean in the country was at 51.64 lakh ha as of last week, down 3.8% from a year ago, according to data released by the farm ministry. Area under soybean in MP is down by 64% while in acreage is down in Maharashtra by 49% and Rajasthan 28%. In Madhya Pradesh,
Mustard Jul futures edged higher on Monday as market participants initiated fresh buying to touch 4 months high on anticipation of improved meal and crushing demand. Recently, government increase import duty on soft edible oil by 10-15%. Mustard oil mills across the country crushed 650,000 tn of the oilseed in June, down 27% from previous month as per data release by Mustard Oil Producers Association of India. According to SEA latest export report, mustard meal exports during first 2 months of 2018/19 is higher by 90% on year due to higher demand from South Korea.
Refined Soy Oil Jul Futures closed higher on Monday due to fresh buying and tracking firm prices of soybean in the physical market. However, weaker rupees and improving demand from the physical market participants is keeping prices sideways.
According to SEA monthly update, palm oil imports into the country were down 33% and 46% for CPO and RBD Palomlein in May compared to last year. India’s palm oil imports dropped in May due to higher taxes on shipments while weaker rupees making imports expensive.
Jul Jeera futures continue its uptrend on Monday on fresh buying my market participants due to good physical and export demand. It is currently trading at 4 months high on anticipation of good exports demand.
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