Oil And Oilseeds Market Watch By Nirmal Bang Securities

 Oil And Oilseeds Market Watch By Nirmal Bang Securities           Oilseeds complex plunged during the previous trading session erasing gains of previous day on account of profit booking. Soybean futures plunged by 1.4-2% as the demand in Spot market was a bit subdued

India's 2009 soybean output is expected at 9.72 million tonnes, down from 10.82 million tonnes a year earlier, trade body Soybean Processors Association of India said in a statement last week and arrival of soybean is likely to be delayed due to the ongoing rain in Maharashtra, the second biggest producing state.

International scenario in oilseeds is not very bullish as U. S., Brazil are going to come up with bumper crop of soybean but due to heavy rains in Maharashtra it may move up during the day.

The U. S. Department of Agriculture (USDA) in its September crop production report forecast a record large soybean crop of 3.245 billion, above the previous record of 3.2 billion bushels set in 2006. USDA will release its next crop report on Oct.
9.

Soybean futures fell 3.6 percent at the Chicago Board of Trade on Friday, touching their lowest level in more than six months in anticipation of what is expected to be the largest U. S. soy crop ever.

Oilseed may trade sideways to up during the day.