NCDEX RSO plunged below the 150 day EMA with most active September contract ending the Wednesday's session down by Rs 13.15 or 1.67% at Rs 774.15 per 10 kg. Oilseeds plummeted on Thursday triggered by weak bearish cues amid reports of rainfall in major growing belts in central India.
Oilseeds complex is likely to witness gap up open today tracking the bullish global markets, however, weak technical cues and reports of relief rain is expected to keep upside limited. Technically, the RSO September is likely to find support at Rs 770, Rs 766 while resistance is at Rs 780.50, Rs 784 per 10 kg.
US Soya Oil December contract on e-CBOT is trading at 52.79, up 0.40 cents per pound while November bean quoting at 1586.40, up 5 cents per bushel. Malaysian Palm oil futures recovered from the early losses on Thursday with most active October contract quoting at MYR 2875, up MYR 12 per tonne. The counter traded in the range of MYR 2894- 2871 per tonne. NYMEX Crude Oil September contract hovering at $93.49, up 0.14 cents per barrel during the early Asian trading session. Local currency is trading higher during the Asian trading with quoting at Rs 55.135, 0.50% appreciated against the greenback.
The US August Soybeans finished the last day up 24 3/4 at 1630 cents per bushel, 1/4 off the high and 28 up from the low. November Soybeans closed up 15 1/2 at 1581 ΒΌ cents per bushel. This was 26 up from the low and 1 3/4 off the high. August Soy meal closed up 9.6 at 521.9 cents per short tone. This was 10.6 up from the low and 0.6 off the high. August Soybean Oil finished up 0.29 at 51.58 cents per pound, equal to the high and 0.42 up from the low. November soybeans traded sharply higher into the close after trading lower early in the session. The USDA reported that private exporters sold 140,000 tonnes of US soybeans to an unknown destination for the 2012/13 marketing year this morning. The trade believes the sale was made to China. The weather outlook for the Midwest is unchanged from yesterday with temperatures moderating in the northern and eastern Midwest. The southern and southwestern Midwest will remain hot and temperatures could spike to 95-100 next week. Rain fell in parts of Nebraska and Iowa overnight which may have helped soybeans but a third of the Corn Belt will likely remain stressed heading into next week. Recent rainfall in northern Delta has also benefited double crop soybeans after a rough start. Scattered showers are expected for parts of the central and eastern Midwest to finish out this week. Outside markets were mostly mixed to negative early but turned more positive late in the day.
Asian stocks rose on Thursday after Chinese inflation figures came in close to expectations, which were low in the first place, fueling talk Beijing may loosen economic policy. The dollar traded lower against most major global currencies on Thursday as expectations continued to build from previous sessions that the Federal Reserve will move to stimulate the U.S. economy with monetary easing tools. Talk the European Central Bank will roll out similar measures also fueled demand for risk, which further pushed the greenback down.Meanwhile, soft Chinese inflation figures fueled more demand for risk as well. In Asian trading on Thursday, EUR/USD was up 0.11% at 1.2376.
U.S. stocks closed mixed Wednesday, however sustained hopes for further action by the Federal Reserve and the European Central Bank to stimulate growth continued to support market sentiment. At the close of U.S. trade, the Dow Jones Industrial Average gained 0.05%, the S&P 500 index added 0.06%, while the Nasdaq Composite index declined 0.15%. European stocks closed mixed Wednesday, as lack luster earnings and weak German data weighed on equities, although bullish hopes remain with ECB action speculation. At the close of European trade, the EURO STOXX 50 dropped 0.33%, France's CAC 40 declined 0.43%, while Germany's DAX 30 retreated 0.03%.
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