Soy Complex Pre Open: Refined Soy Oil Edges Up On Fresh Buying

Refined soy oil futures are likely to recover from the yesterday’s losses today as a rebound in the global markets is likely to bring in some fresh buying after a wave of profit selling hurt the commodity down on the Indian exchanges in the last week.

Chicago Board of Trade soybean futures ended narrowly mixed Monday, managing to claw their way back from early losses on end-of-day position evening. Follow through liquidation in beans as the trade is concerned with the lack of new orders from China. Weekly export inspections of 22.564 mbu were below the 35 to 30 mbu the trade anticipated. Meal and oil are both selling off following weakness from Friday and the lower crude oil market.

Soy product futures ended mixed, with soyoil stumbling lower. Soyoil futures settled down, extending their correction from contract highs on a lack of fresh news and weakness in crude oil futures for most of the day.

January soybeans settled 1 1/4 cents lower at $10.78 3/4 and March soybeans ended unchanged at $10.97 1/2. January Soymeal settled $0.20 lower at $292.80 per short ton. January soyoil finished 30 points lower at 45.80 cents per pound

On the back of this and bullish cues from the CBOT soy oil futures, which are quoting up 7 points at 45.87 cents per pound for the January 2008 contract, the NCDEX futures gained slightly. NCDEX January 2008 futures hit a high of Rs 540.20 per 10 kg and trades at Rs 539.65 per 10 kg right now, adding Rs 1.30 and 0.59% in the open interest.