Jul Soybean closed lower on technical selling by market participants on hope of good sowing progress in coming weeks. Pace of sowing increase last week and now the deficit is only under 4% on year which was 48% in previous week. The area under soybean in the country was at 51.64 lakh ha as of last week, according to data released by the farm ministry. In Madhya Pradesh, area under soybean was at 28 lakh ha, down from 29 lakh ha on year. However, the acreage so far is Higher than the normal area for the corresponding period.

Mustard Jul futures saw some fresh selling by market participants after it touched 4 months high in the previous session. It jumped 3.1% on first 10 days in July on anticipation of improved meal and crushing demand. Recently, government increase import duty on soft edible oil by 10-15%. Mustard oil mills across the country crushed 650,000 tn of the oilseed in June, down 27% from previous month as per data release by Mustard Oil Producers Association of India. According to SEA latest export report, mustard meal exports during first 2 months of 2018/19 is higher by 90% on year due to higher demand from South Korea.

For the first fortnight of July, the base import price of crude soyoil has been cut to $750 per tn from $752 per tn by the govt. As per SEA monthly report, as on June 1, country’ edible oil stock (in ports and pipeline) is at highest level ever at 26.6 lt putting pressure on domestic prices of edible oils.

According to SEA monthly update, Palm Oil Imports into the country were down 33% and 46% for CPO and RBD Palmolein in May compared to last year. India’s palm oil imports dropped in May due to higher taxes on shipments while weaker rupees making imports expensive. Palm oil accounts for the bulk of the total edible oil imported annually, with most of the commodity imported from Indonesia and Malaysia.

as stronger dollar index citing intensified trade woes between the US and China weighed on the precious metal. Not only this, SPDR Gold holdings fell 0.22 percent to 799.02 tonnes on Tuesday from 800.77 tonnes on Monday.In the prior session, gold touched its highest in two weeks as the dollar weakened and the Chinese yuan recovered from June’s lows, and gold stayed higher even as the dollar bounced up, as some investors bought bullion to cover short positions.

Oil prices gained on Tuesday on concerns that higher oil output from Saudi Arabia and other producers would not be sufficient to meet global oil demand citing growing supply disruptions from Venezuela and Libya.

Also, latest American Petroleum Institute report showed crude inventories fell last week by 6.8 million barrels.

Besides, the United States says it wants to reduce oil exports from Iran, the world’s fifth-biggest producer, to zero by November, which would oblige other big producers to pump more.

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