NCDEX November soybean futures traded lower on account of higher domestic soybean output estimates mainly due to higher sowing acreage this year as compared to last year. As per 49th All India Convention on Oilseeds, oils Trade and Industry which was organized by COIIT and hosted by SOPA on November 06, 2001 (Sunday). COIIT estimates, India soybean output in Kharif 2011 at 115 lakh tonnes against 95 lakh tonnes last year. Soybean output estimates for Madhya Pradesh was seen 60 lkakh tonnes this year as compared to 56 lakh tonnes last year, Maharashtra 37.50 lakh tonnes vs 27 lakh tonnes and Rajasthan 11 lakh tonnes vs 6.5 lakh tonnes.
USDA’s monthly S& D report released on Wednesday (November 09, 2011) which shows slightly higher global oilseeds production estimates and higher ending stocks. Global oilseed production for 2011/12 is projected at 454.8 million tons, up 1.3 million tons from last month.
Global soybean production accounts for a quarter of the increase with larger crops projected for Brazil, Paraguay, and Mexico. Brazil soybean production is increased 1.5 million tons to 75 million with improved yield prospects related to rapid planting progress and good early season moisture throughout the country.
These gains are partly offset by lower production projected for Argentina, which is reduced 1 million tons to 52 million due to reduced area as producers shift to corn. Total U.S. oilseed production for 2011/12 is projected at 91.2 million tons, down 0.5 million from last month due to lower soybean and cottonseed production. Soybean production is forecast at 3.046 billion bushels, down 14 million from last month.
The soybean yield is forecast at 41.3 bushels per acre, down 0.2 bushels from last month. USDA’s weekly export sales released on Thursday (November 10, 2011) which shows that the Weekly export sales for soybeans came in at 604,000 metric tonnes for the current marketing year and 2,800 for the next marketing year for a total of 606,800.
Meal sales came in at 291,400 metric tonnes for the current marketing year and 4,400 for the next marketing year for a total of 295,800. Oil sales came in at 21,700 metric tonnes as compared with 12,000 metric tonnes.
Mustard Seed
NCDEX November RM Seed futures ended slightly lower due to weakness in other oilseeds and vegetable oil. Higher sowing acreage of RM seed till date also added bearish market sentiments. Total sowing acreage of RM Seed in India increased to 28.05 lakh hectares till date as compared to 26.80 lakh hectares last year during the same period.
Sowing acreage in Rajasthan increased to 20.41 lakh hectare as compared to 18.24 lakh hectares in the last year till date. Rajasthan is a major producing state of RM Seed.
Refine Soy Oil
NCDEX November Refined Soy oil futures traded lower due to weak overseas market. Import of vegetable oil would be costly due to depreciation of INR against US dollar.
As per Intertek Agri Services ( a cargo surveyor), Malaysia's palm oil exports during the November 1-10 fell 5.9% from a month ago to 467,600 metric tons. As per malysia Palm Oil Board (MPOB), Malaysia’s crude palm oil output rose 2.1% in October compared with a month earlier to 1.91 million tonnes
Courtesy: Angel Commodities
USDA’s monthly S& D report released on Wednesday (November 09, 2011) which shows slightly higher global oilseeds production estimates and higher ending stocks. Global oilseed production for 2011/12 is projected at 454.8 million tons, up 1.3 million tons from last month.
Global soybean production accounts for a quarter of the increase with larger crops projected for Brazil, Paraguay, and Mexico. Brazil soybean production is increased 1.5 million tons to 75 million with improved yield prospects related to rapid planting progress and good early season moisture throughout the country.
These gains are partly offset by lower production projected for Argentina, which is reduced 1 million tons to 52 million due to reduced area as producers shift to corn. Total U.S. oilseed production for 2011/12 is projected at 91.2 million tons, down 0.5 million from last month due to lower soybean and cottonseed production. Soybean production is forecast at 3.046 billion bushels, down 14 million from last month.
The soybean yield is forecast at 41.3 bushels per acre, down 0.2 bushels from last month. USDA’s weekly export sales released on Thursday (November 10, 2011) which shows that the Weekly export sales for soybeans came in at 604,000 metric tonnes for the current marketing year and 2,800 for the next marketing year for a total of 606,800.
Meal sales came in at 291,400 metric tonnes for the current marketing year and 4,400 for the next marketing year for a total of 295,800. Oil sales came in at 21,700 metric tonnes as compared with 12,000 metric tonnes.
Mustard Seed
NCDEX November RM Seed futures ended slightly lower due to weakness in other oilseeds and vegetable oil. Higher sowing acreage of RM seed till date also added bearish market sentiments. Total sowing acreage of RM Seed in India increased to 28.05 lakh hectares till date as compared to 26.80 lakh hectares last year during the same period.
Sowing acreage in Rajasthan increased to 20.41 lakh hectare as compared to 18.24 lakh hectares in the last year till date. Rajasthan is a major producing state of RM Seed.
Refine Soy Oil
NCDEX November Refined Soy oil futures traded lower due to weak overseas market. Import of vegetable oil would be costly due to depreciation of INR against US dollar.
As per Intertek Agri Services ( a cargo surveyor), Malaysia's palm oil exports during the November 1-10 fell 5.9% from a month ago to 467,600 metric tons. As per malysia Palm Oil Board (MPOB), Malaysia’s crude palm oil output rose 2.1% in October compared with a month earlier to 1.91 million tonnes
Courtesy: Angel Commodities