Ripples Advisory Ref.Soyaoil Report Update

http://www.ripplesadvisory.com click missed call on -9303093093.

Ref.Soyaoil on NCDEX settled down by -1.18% at 684.8 tracking weakness in spot demand on higher supply. Moreover, expectation of higher output during the current rabi season were also dragged the prices. Last week, the Solvent Extractors’ Association of India (SEA) has raised its estimate for soybean output to 11 million tons in 2016-17 (Jul-Jun) from its previous forecast of 10.6 million tonnes. USDA Feb estimate kept the ending stock of US tad higher at 760,000 tons compared to 750,000 tons.

Export of soyameal and its value-added products have recorded a staggering growth of 446.38 per cent this year, according to the Soyabean Processors Association of India (SOPA). Exports during January were pegged at 1,55,164 tonnes compared to 22,398 tonnes in January 2016. On a financial year basis, total exports from April 2016 to January 2017 were recorded at 6,01,294 tonnes (3,30,702 tonnes).

At the Indore spot market in Madhya Pradesh, soyoil was steady at 700 Rupees per 10 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 6.68% to settled at 52520, now Ref.Soya oil is getting support at 681 and below same could see a test of 679 level, And resistance is now likely to be seen at 688, a move above could see prices testing 693.

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