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NCDEX Soybean Settles Lower With Huge Imports and Stocks

15 Apr 2019 5:59 pm
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Mumbai (Commoditiescontrol) – NCDEX soybean futures fell sharply during end of session as market realized huge imports in soybean and palm oil during the month of March’19. Weakness in global palm and e-CBOT market also weighed on overall sentiments. At the end, benchmark May’19 contract after making intraday low at INR 3735, finally settled at INR 3749 per quintal, down by 29 points compared to previous session.

The total volume in benchmark May’19 contract was at 40530 vs. 18670 tons and the OI was at 155870 Vs. 162260 lots.

Prices for soybean in Indore market were steady at 3879 per quintal while the meal prices were observed higher close to INR 32538 vs. 32275 per ton observed during last session.

The Solvent Extractors’ Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of March 2019. Import of vegetable oils during March 2019 sharply increased by 26% to 1,446,557 tons compared to 1,146,051 tons in March 2018, consisting 1,393,255 tons of edible oils and 53,302 tons of non-edible oils. The overall import of vegetable oils during November 2018 to March 2019 is reported at 6,309,406 tons compared to 5,931,829 tons during previous year i.e. up by 6%.

Looking at the soy oil front, the March’19 imports were reported near 292,925 tons vs. 220,376 tons observed during previous month, making an increment of almost 33%. During Nov’18-Mar’19, total soy oil imports are observed close to 988,345 tons vs. 826,937 tons imported last year during similar time frame.

The stock of edible oils as on 1st April, 2019 at various ports is estimated at 970,000 tons (CPO 410,000 tons, RBD Palmolein 250,000 tons, Degummed Soybean Oil 140,000 tons and Crude Sunflower Oil 170,000 tons to and about 14,00,000 tons in pipelines. Total stock at ports and in pipelines is reported at 2,370,000 tons, increased by 175,000 tons from 2,195,000 tons as on 1st March, 2019. India’s monthly requirement is about 19.0 lakh tons and operate at 30 days stock against which currently holding stock over 23.70 lakh tons equal to 37 days requirements

Moving forward, with prevailing weak fundamentals in domestic markets due to surplus imported stock of soy oil along with weak cues from global front, prices are expected to remain down in coming period.

(By Commoditiescontrol Bureau)

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