India: Soybean weakens on arrival pressure

Soy bean spot prices as well as futures ended lower on account of weak soybean future at electronic Chicago Board of Trade (CBOT). Harvesting pressure in Brazil and Argentina also added bearish market sentiments.
The weekly export inspections report released on May 2, 2011, which showed soybean exports at just 5.525 million bushels as compared with 11.0 million last week and 12.49 million bushels, needed each week to reach the USDA projection for the year. Cumulative exports have reached 85.8% of the USDA forecast for the season as compared with 83.1% on average for this time of the year. Brazil soybean exports in April totaled 5.1 million tonnes compared with 4.9 million last year.
Weekly export sales report realesed on April 28, 2011, weekly export sales for soybeans came in at 143,500 metric tonnes for the current marketing year and 55,700 for the next marketing year for a total of 199,200 which was well below trade expectations. Net meal sales came in at 127,100 tonnes which was the high end of expectations. Sales of 73,000 metric tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 24,000 metric tonnes which was well above trade expectations.
Mustard Seed

NCDEX May RM Seed futures ended lower due to lower prices of other oilseeds and edible oils also added bullish market sentiments. Higher production estimates of RM Seed this year as compared to last year also are in favour of the bears.
Arrivals in major mandis of Rajasthan were 4.5 lakh bags (each bag weighs 85kgs.) and throughout India were 5.50 lakh bags.
Refined Soy Oil

NCDEX May Refined soy oil futures ended lower on account of weak overseas market as concern of higher supply of palm oil and lackluster demand.
Vegetable oil imports continued a declining trend for the fifth consecutive month this year due to increased availability from domestic sources. As per Solvent Extractors’ Association (SEA), import
in the month of March declined 31.1 per cent to 435,735 tonnes as compared to 632,868 tonnes as compared to last year in the month of March. In the first five months of the current oil year (November 2010-October 2011), however, total imports averaged a total decline of 16.5 per cent to 3.13 million tonnes, as compared to 3.75 million tonnes in the corresponding period of the previous year.
Malaysian Palm Oil Exports:

As per SGS (a cargo surveyor), Malaysia’s palm oil exports in the period of April 1-25 fell 0.8 percent to 947,470 tonnes as compared to the same period a month earlier.
Outlook:
Oilseed complex are expected to trade range bound with weak global market sentiments as concern of palm oil supply and subdued demand in physical market.
Courtesy: Angel Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-weakens-on-arrival-pressure-23512.html)