Soybean falls on global cues

NCDEX March soybean futures fell sharply yesterday (down 3% ), tracking global cues as huge losses at CBOT, USA and CPO futures at Bursa Malaysia Derivative Excahnge, Malaysia.
Hhigher Brazil’s production estimates and favorable weather in Argentina also provided support to the bears.
Arrivals: Daily arrivals of soybean in Madhya Pradesh were at 35,000 bags yesterday and around 2000 bags in Indore Mandi.
Mustard Seed
NCDEX April RM Seed futures traded sharply lower (down more than 2%) on account of sharp fall in other oilseeds and edible oils. Higher production estimates of RM Seed this year as compared to last year also added bearish market sentiments.
Production: As per Ministry of Agriculture, GOI, India’s RM Seed production estimates at 74 lakh tonnes for 2011, up 12% as compared to 66 lakh tonnes in the last year. However, India Rabi oilseeds production estimates for 2011 is 96 lakh tonnes, up 5.5% as compared to 91 lakh tonnes last year.
Refined Soy oil
NCDEX March Refined soy oil futures fell sharply and hit 4% lower circuit yesterday, tracking sharp fall of overseas market as fund selling pressure and fear of lower demand from China as monetary tightening measures to curb inflation.
BMD CPO futures fell about 6%, tracking oilseeds futures at CBOT and out of palm oil increasing gradually in Malaysia and Indonesia.
Malaysian Palm Oil Production & Exports:
As per SGS (a cargo surveyor), exports of Malaysian palm oil during the February 1-20 rose 1.5 percent to 811,813 tonnes from 799,846 tonnes shipped during the same period in the last month.
Outlook:
Refined soy oil prices are expected to trade lower due to weak overseas market.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-falls-on-global-cues-22141.html)