Soybean plunges on profit booking

NCDEX April soybean futures ended in red due to profit taking after continuous rise in the last 3 trading session .However, prices may support from crop damage due to continuous rain in Brazil. A private forecast for soybean planted area to come in at 75.269 million acres was seen as supportive as the latest USDA Outlook Forum estimates called for soybean planted area at 78 million acres as compared with 77.4 million last year. While the USDA outlook forum supply/demand outlook showed ending stocks for the 2011/12 season at 160 million bushels, if plantings are only 75.3 million acres, ending stocks would slip to just 49 million bushels.
USDA’s Weekly Export sales Report: USDA’s weekly export sales report released on March 17, 2011, which shows that the net weekly export sales for soybeans was 146,800 metric tonnes for the current marketing year and 67,700 for the next marketing year for a total of 214,500 which was well below trade expectations. Meal sales were also lower than expected at 58,300 tonnes. Net oil sales came in at 14,200 metric tonnes.
Mustard Seed
NCDEX April RM Seed futures ended lower due to lower prices of other oilseeds and edible oils. Higher production estimates of Rabi oilseeds and fresh arrivals of RM seed are also provided support to the bears. Major mandis at Rajasthan were closed owing to HOLI festival.
Total Rabi area under Oilseeds, is reported higher at 99.24 lakh hac(lh) against 95.83 lh in previous season as on 11 Mar 2011. India’s RM seed production estimates were at 71 lakh tonnes as on March 13, 2011 for this year. Rajasthan- 35 lakh tonnes, UP- 9 lakh tonnes, Haryana/Punjab- 7.7 lakh tonnes, and M.P./Chhatisgarh -7.5 lakh tones.
Refined Soy oil
NCDEX April Refined soy oil futures closed lower on account of profit taking after sharp rise in the last three trading sessions.
Malaysian Palm Oil Exports:
As per SGS (a cargo surveyor), exports of Malaysian palm oil during the March 1-15 fell 15 percent as compared to the same period in the last month to 520,463 tonnes.
News: As per Indonesia’s palm oil producer Association (Gapki), Indonesia’s CPO estimate is 22.5 million tonnes for 2011.
Outlook:
Oilseeds complex are expected to trade range bound amid subdued trading activity on lack of fresh fundamentals.