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Weekly Commodity Research Reports

Edible Oil & Oil Seed Weekly from 21st January - 24th January 2013

Soy Complex

Soy beans : For the week ahead soy beans across the domestic exchanges are expected to trade weak as selling at higher levels is expected. Higher acreage compared to last year and normal season will support the bears. Correction in the international market can be the part spoiler. However the medium term forecast continue to remain favorable for the crop in India and US. The undertone continue to remain weak for medium term. NCDEX February soy bean contract is getting crucial support near 3050-3000 while on higher side price is expected to test 3280-3300.

Soy Oil : Refined soy oil futures are also expected to trade weak during the week ahead. The undertone remains weak as profit booking is expected during the week. The February contract traded at NCDEX is getting support near Rs.705-700 while resistance seen near 735-740.

Mustard Seed

Last week Spot mustard seed prices traded weak with tandem to the futures price movement. We expect prices of Mustard to decline in the coming week as it is at high premium compared to soybean prices. The weather forecast continued to remain unfavorable for the crops. Correction in Soybean can have a spill over effect on Mustard seed. Low demand of soy meal is shifting traders demand towards comparatively cheaper meal. We expect prices to decline in the week.

The NCDEX April is getting support near Rs.3350-3325 and resistance is seen near Rs.3550-3575.

Crude Palm Oil

Weak Malaysian Palm oil prices supported the Indian bears to weaken the CPO prices in the Indian market. Higher inventory in Indonesia will support the bears in the near term. During the week ahead we expect the prices to trade lower. We expect MCX February contract to see support near 428-430 while resistance is seen near 450-452.

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