SOY
BEAN
NCDEX
Soybean Feb futures ended negative yesterday for second successive
day after two
session of uptrend and closed 0.44% down. It is mainly
due to subdued export demand of oil
meal. India's oilmeal exports is
expected to drop about 40 percent in 2014/15 due to lower
demand for
soymeal as key buyers like Iran and Japan switch to cheaper supplies
from South
America. In January 2015, Soymeal exports fell by more
than 71 per cent to 104,426 tonnes
against 364,443 tonnes in the
same month a year ago. Soybean futures may trade on a mixed
note on
sluggish demand for oil meal but good buying support at lower prices
might sustain the
prices.
TURMERIC
Turmeric
Apr. futures traded on positive note yesterday and closed 1.37%
higher on good
demand from the north India as supplies for the good
quality turmeric reduces. There is news on
crop damage from the
Karnataka and Andhra Pradesh. There is good demand from retailers
and
traders at lower prices.There are concerns over crop loss due to
cyclone ‘Hudhud’ that hit
Andhra Pradesh in Oct 2014. Demand for
the commodity has been increasing rapidly from
North India and from
the medicinal and cosmetic industry. urmeric futures may trade on a
mixed to positive note on good local demand for the good quality
turmeric and profit booking on
higher levels may restrict the
gains.
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