NCDEX Soybeans extended their recent flurry of losses as the general weakness in the global commodities complex, slide in oil prices and steady arrivals in the local mandies ensured that the impetus to sell the commodity remains instrumental in the futures market.
According to the latest data release from the Agriculture Ministry, the rabi oilseeds sowing has started on a firm foot and the crucial break below Rs 1600 has made the bears hold sway in the edible oils and oilseeds complex in last few days.
The normal rabi/summer oilseed area is about 95.16 lakh ha. The total oilseed sowing so far has been completed in about 60.59 lakh ha compared to 43.49 lakh ha at this time last year. It indicates that about 17.10 lakh ha more area has been covered under oilseeds.
NCDEX December Soybeans plummeted to a low of Rs 1560 per quintal. The counter currently trades at Rs 1573, down Rs 14.50 or 0.91% with 2.17% slide in the open interest. The near month futures have lost Rs 12.50 or 0.80% with a massive 8% decline in the open interest.
Both the futures are trading at the same level now and the premium at which February 2009 contract is trading is also coming down off late. We expect that the counter is unlikely to gain much from hereon and a breakout above Rs 1600 is what the bulls would direly need to come back into contention.
According to the latest data release from the Agriculture Ministry, the rabi oilseeds sowing has started on a firm foot and the crucial break below Rs 1600 has made the bears hold sway in the edible oils and oilseeds complex in last few days.
The normal rabi/summer oilseed area is about 95.16 lakh ha. The total oilseed sowing so far has been completed in about 60.59 lakh ha compared to 43.49 lakh ha at this time last year. It indicates that about 17.10 lakh ha more area has been covered under oilseeds.
NCDEX December Soybeans plummeted to a low of Rs 1560 per quintal. The counter currently trades at Rs 1573, down Rs 14.50 or 0.91% with 2.17% slide in the open interest. The near month futures have lost Rs 12.50 or 0.80% with a massive 8% decline in the open interest.
Both the futures are trading at the same level now and the premium at which February 2009 contract is trading is also coming down off late. We expect that the counter is unlikely to gain much from hereon and a breakout above Rs 1600 is what the bulls would direly need to come back into contention.
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