Mentha Oil
continued to find
some strong resistance as markets traded sideways with expected recovery in
prices not ruled out in coming days. With prices finding strong support at the
lower levels, the downtrend may be limited as demand starts rising in mandis.
Sources indicate rates have fallen to low levels over last few weeks and
further fall may be limited as domestic and export demand rise.
Chana traded with high
volatility with moderate firmness even as profit booking at the higher levels
limited the uptrend. Pick up in demand ahead of the Festive season in coming
months in mandis supported the prices. Availability of chana is falling in
Jalgaon, Gulbarga and Akola apart from Rajasthan, MP and Maharashtra. As per
traders, fall in stocks is seen gradually and moreover, there is much time for
new crop arrival. Daal mills demand is also likely to increase in coming days.
Soya oil demand in the retail
markets shown moderate improvement in last couple of days, amid bullish cues
from US markets. However the gains are however capped because of persistent
weakness in palm oil.
Overall, the global supply outlook for soybeans in 2015/16
remains positive, notwithstanding the recent downward revisions. So the upward
trend in soy complex should be short lived logically. Kharif planting is likely
to be over by mid-August in most areas, excepting for some rice production
areas in southern India. However, deficient monsoon rains over the next two
weeks in western and peninsular regions could affect the production prospects,
particularly for coarse grains and pulses in the rainfed areas. Further dry
weather in the southern peninsula may also affect rice planting in Andhra
Pradesh and Tamil Nadu, where transplanting continues through early September
SOYABEAN : -Overall, the
global supply outlook for soybeans in 2015/16 remains positive, notwithstanding
the recent downward revisions. So the upward trend in soy complex should be
short lived logically. Kharif planting is likely to be over by mid-August in
most areas, excepting for some rice production areas in southern India.
However, deficient monsoon rains over the next two weeks in western and
peninsular regions could affect the production prospects, particularly for
coarse grains and pulses in the rainfed areas. Further dry weather in the
southern peninsula may also affect rice planting in Andhra Pradesh and Tamil
Nadu, where transplanting continues through early September.
RMSEED : -As per SEA’s latest
data the overall export of mustard meal during July 2015 stood at 0.08 lakh
tons versus 0.87 lakh tons in July 2014. Global rapeseed ending stocks could
plunge to 3.4 million tons in 2015/16, a 12-year low, as stated in August USDA
report. Further reductions of 2015/16 rapeseed yields for the United Kingdom,
Czech Republic, and Romania cut forecast EU production by 300,000 tons this
month to 21.1 million. EU rapeseed imports will not compensate for these lost
supplies, however. Also this month, a lower area estimate trimmed Ukraine
rapeseed production 100,000 tons to 1.7 million and led to an equivalent
decline in the forecast of 2015/16 exports to 1.4 million tons. Lower supplies
for major rapeseed exporters such as Ukraine may restrict EU imports for
2015/16 to 2.2 million tons from 2.3 million in 2014/15. An inability to make
up the EU supply deficit with imports and further stock reductions would then
curtail rapeseed processing.
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