Oil And Oilseeds Market Watch By Nirmal Bang Securities

 Oil And Oilseeds Market Watch By Nirmal Bang SecuritiesOilseeds complex remained reletively rangebound except Plamoil futures as it plunged 2% during yeterdays trading session. Crude palm oil futures dropped 2 per cent yesterday as traders booked profits after a cargo surveyor reported an improvement in exports and vegetable oil markets weakened.

USDA said private exportersreport sale of 116,000 tonnes U. S. soybeans for 2009/10 delivery to undisclosed destinations. Traders said at least some of that volume likelydestined for China.

Paraguay's 2009/10 soy output is expected to rise to 7 million tonnes from 3.9 million tonnes in the previous harvest, which was hit by drought, the Paraguayan Chamber of Grain and Oilseed Exporters said on Wednesday.

Chicago Board of Tradesoybean and corn futures were lower Wednesday as a favorable weather outlook boosted prospects for U. S. crops. Forecasts were for near-to above-normal temperatures for at least the next five days in the U. S. Midwest's key growing areas, improving crop prospects.

The major soybean areas of India have turned hot and dry duringthe past couple of weeks. This will favor the maturing crop and any harvestactivities. If there are any late filling soybeansthey could come underincreasing stress.

We expect oilseed complex to remain firm and may see some gains as demand for vegoils seems to be picking up on account of on goingand forthcoming festive season.