Ncdex Agro Market Updates, Today News Of Agro Market

Advisory Data :-

The oilseeds complex is likely to drift further lower on the back of bearish global cues. NCDEX RSO for the October delivery ended the day at Rs696.85, down Rs14.55 or 2.09%. The counter is likely to find support at Rs690-684 and resistance at Rs700-708.50 per 10 kg.

Traders mentioned that the total arrival of new soyabean in the mandies of Maharashtra such as Sholapur, Latur and Akola added selling pressure in domestic market. Moreover, weak trend in soyameal market also led to some selling in soyabean market. As per the First Advance Estimates of production of Kharif crops, the oilseeds crop size is estimated at 18.78 million tonnes against 19.38 million tonnes the 5- years Average Production.

The Malaysian CPO futures most active December 2012 contract is quoting at MYR 2646, down MYR 17 per tonne. The contract moved in the range of MYR2646-2607 per tonne. CBOT Soya Oil December contract quotes at $53.99, down 0.18 per pound in the after-hours trading session. The NYMEX Crude Oil November contract is quoting at $92.22, up $0.29 per barrel. CBOT November Soybeans finished the last session down 11 3/4 at 1610 cents per bushel and December Soybean Oil finished down 0.66 at $54.17 per pound. November soybeans traded lower into the close and the complex saw double digit losses for most of the day. Soybean meal and oil were also weaker on the day. Negative outside markets and better than expected yields continue to weigh on futures but strong underlying support is coming from a favorable demand outlook over the next 3-6 months. Export inspections for the week ending September 20th were reported at 12.12 million bushels vs. 9.96 the week prior. Cumulative inspections for this crop year are running 3.1% of the USDA estimate vs. the 5 year average of 3.9%. Favorable weather conditions in South America have added ammo to the bear camp to start the week and more rainfall is expected this week and in the 11-15 day period for northern Brazil. It's being reported that planting has begun in Brazil and 2012/13 soy sales held steady at 46% from the previous week following the recent decline in prices. Many traders believe the US soybean harvest will be near 20% complete in this afternoons Harvest Progress report. Good weather this week and a drier long term outlook will continue to keep the harvest pace above historical levels which could be viewed as a short term negative for prices by some.

The NCDEX RSO October contract touched the new low of Rs682.95 and closed at Rs696.85 per 10 kg. The open interest added 17% to 81,880 tonnes.