Ref.Soya oil on NCDEX settled up 0.49% at 759.7 tracking improving physical demand and on renewed support following encouraging global cues. Total Oilseeds production in the country during 2018-19 is estimated at 32.26 million tonnes which is higher than the production of 31.46 million tonnes during 2017-18. Moreover, the production of oilseeds during 2018-19 is also higher by 2.61 million tonnes than the average oilseeds production. With the monsoon picking up in central and western India, the planting of oilseeds has also picked up pace and has crossed 133.6 lakh hectares. Last year, sowing was on 140.9 lakh hectares, as per the latest data from the department of agriculture. Although there is a deficit of nearly 7 lakh hectares, senior industry people feel that the sowing should pick up with the monsoon gaining momentum and acreage should remain nearly the same. “Rains were delayed and therefore the sowing was delayed. But sowing has gained pace and from just 75 lakh hectares on July 11, the acreage has nearly doubled reaching 134 lakh hectares,” said BV Mehta, executive director, Solvent Extractors’ Association of India (SEA). Technically market is under fresh buying as market has witnessed gain in open interest by 0.83% to settled at 24400 while prices up 3.7 rupees, now Ref.Soya oil is getting support at 756 and below same could see a test of 753 level, and resistance is now likely to be seen at 762, a move above could see prices testing 765.
For Quick Trial – 8871888787 ✔
or mail us here: support@researchicon.com
or visit http://www.researchicon.com/free-trial
or mail us here: support@researchicon.com
or visit http://www.researchicon.com/free-trial
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon