Soybean Oil Import In India Reported At 352325

Gold on MCX settled up 0.77% at 30547 as the dollar fell against the yen on fears that U.S. President Donald Trump would take up trade issues with Japan as the markets braced for another round of U.S. tarriffs on China. The dollar extended losses against the yen after reports that U.S. President Donald Trump told a Wall Street Journal columnist he might take on trade issues with Japan. Another big worry for investors was the end of a public consultation period over trade, after which U.S. President Donald Trump could impose tariffs on an additional $200 billion of Chinese goods.

China has warned that it will retaliate if the U.S. imposes fresh tariffs on its goods. The number of Americans filing for unemployment benefits fell to near a 49-year low last week, suggesting sustained strength in the labour market that should continue to underpin economic growth. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Sep 1, the lowest since December 1969.

Crudeoil on MCX settled down -1.01% at 4884 as a draw in U.S. crude supplies was offset by sharp builds in product inventories. U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed. Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak U.S. peak fuel consumption season this summer.

Mustard seed prices are already ruling much below to MSP at key trading centers which may pull down the futures prices any time in terms of basis correction. NAFED has procured about 8.5 lakh tones of mustard seed from different states and now releasing its stocks. Moreover, ongoing sell off in soybean futures also adding pressure to mustard seed prices as of now. However, losses are likely to be limited due to lower production outlook. Overall production of mustard seed for year 2018-19 is estimated to be lower by 7-8% y/y and stand near about 64 lakh tonnes.

Lower Jeera supply reported in the spot market during the period, as stockists were holding back their stocks on expectations of higher prices in coming days. Jeera supply from last year up by 100% due to increased production current year. Currently, all India stocks reported around 25 – 27 lakh bags. According to export data released by Commerce ministry, exports in May surged 96% on year to 27,790 tonnes. Moreover, country exports about 87,115 tonnes of Jeera during Mar-May 2018. Jeera arrivals during July are pegged at 8,700 tonnes compared to 3,800 tonnes last year for same period.

 

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