Oilseeds Likely To Trade With Mixed Trend

Oilseeds complex slumped on the back weak US oilseeds, Malaysian Palm Oil futures amid weak Indian Soya meal exports and strong production estimations.

Indias oil meal exports fell to 120,091 tonnes in August from 291,466 tonnes a year earlier led by a sharp drop in the overseas sales of soy meal and rapeseed meal. The Soya meal and Rape meal exports dipped 94% and 35% respectively.

US Soya Oil December contract quotes at 56.85, up $ 0.19 per pound while bean is trading at down at 1733.20 cents per bushel, down 3.20 cents. Malaysian palm oil is trading with nominal losses with November contract quoting at MYR 2936, down by MYR 9 per tonne. The counter traded in the range of MYR 2940-2897 per tonne.


Technically, the counter ended the day below the 20 and 50 day EMAs and the 14-day RSI also ended the day at 36.64, indicating weak trend. The counter is likely to find support near Rs 770, Rs 767.50 while resistance at Rs 782, Rs 785 per 10 kg. Via

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