Soy Bean trades up on global markets

Spot as well as futures prices bounced by around 1 percent in yesterday tracking bullish international prices. Dry weather in Argentina, the third largest exporting nation of Oilseeds, thereby declining the output of Soybean supported prices yesterday.
NCDEX February futures opened sharply higher and touched a day’s high of Rs.2463/qtl as firm overseas market and lower domestic stock of soybean and declining arrivals provided support to the bulls.
USDA’s Monthly Supply and Demand Report -: The Supply/Demand report showed US ending stocks were pegged at 140 million bushels, down 25 million from last month. World ending stocks were pegged at 58.28 million tonnes as compared with 60.12 million tonnes last month. Argentina production was pegged at 50.50 million tonnes vs. 52 million tonnes last month but many traders see the Argentina production potential already below this level. US crop production came in at 3.329 billion bushels, down 46 million from last month which was considered supportive since traders were expecting a decline of just a few million bushels.
Mustard Seed gains on international market
Mustard Seed furutes closed slightly higher yesterday as compared to previous day only because of higher prices of other oilseeds and edibles. RM seed prices is not moving in tandem with soybean futures due to higher production estimates of RM seed this year as compared to last year. Mustard seed production in oil year 2010-11 (Oct-Sep) is seen up 29% at 75 lakh tonnes, on rise in sowing area due to unseasonal rains in November and conducive weather conditions, said Jyoti Kanda Aggarwal, secretary, Mustard Oil Producers Association of India.
NCDEX April futures ended slightly higher on strong overseas market.
Refined Soy oil gains on firm demand
Spot as well as futures ended in green on Friday tracking firmness in the international market.
Production and Trade – CPO
Malaysian officials expects it palm oil output to rise to 17.50-17.80 million tonnes in the current on expectations of improved yields.
Outlook
Soybean and Refine soy oil prices are expected to trade slightly higher on account of firm international prices , taking support from the sharp decline in US ending stocks and bullish USDA report .
Mustard seed prices are expected to trade slightly lower due to better crop of the RM Seed in 2011.
For the long term perspective we expect soybean oil, prices to move northwards, boosted by the global shortage of vegetable oil coupled with strong demand of edible oils.

(Source: http://www.commodityonline.com/futures-trading/technical/Soy-Bean-trades-up-on-global-markets-21271.html)