Crude palm Oil on MCX settled down by -1.04% at 514 pressured by worries over U.S.-China trade relations and bearish sentiment due to higher-than-forecast output in Malaysia weighed. Malaysian palm oil shipments rose between 4% and 15% during May 1-15 from the corresponding period last month, according to data from three cargo surveyors, Amspec Agri Malaysia, Intertek Testing Services and Societe Generale de Surveillance. Indonesia's palm and palm kernel oil exports in March rose 15.8% from the same month a year earlier to 2.78 million tonnes, the Indonesia Palm Oil Association (GAPKI) data showed. On a monthly basis, shipments rose 0.36% in March due to increased demand from markets such as South Korea, Japan and Malaysia, GAPKI said in a statement. At the end of March, domestic stocks of palm oil stood at 2.43 million tonnes, down from February's 2.5 million tonnes, GAPKI said. The Malaysian data showed that April stock levels fell 6.6% to a sixth-month low of 2.73 million tonnes while output declined to 1.65 million tonnes, down 1.4% from March. Exports rose 2% to 1.65 million tonnes. Meanwhile, Malaysian palm oil exports for May 1-10 rose by between 6.4% and 14.4% from the same period in April, according to data. Palm oil inventories in Malaysia, the world's second-largest producer of the edible oil, eased to a six-month low at the end of April, official data showed, as exports edged up amid falling production. Technically market is under fresh selling as market has witnessed gain in open interest by 0.26% to settled at 3031 while prices down -5.4 rupees, now CPO is getting support at 511 and below same could see a test of 508.1 level, And resistance is now likely to be seen at 518.8, a move above could see prices testing 523.7.

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Ref.Soyaoil on NCDEX settled up by 0.01% at 741.65 due to tight stocks and hopes of fresh demand for festival and marriage seasons. However, upside seen limited due to higher stocks at port and expectation of higher imports. In a fortnightly notification, Government cut tariff value of crude soy oil by 18 dollar to $693 per tn for the 2nd half of April. Export of oilmeals rose by 31 per cent to Rs 6,222 crore during the last fiscal year on higher volumes as well as price realisation, industry data showed. The country had exported oilmeals worth Rs 4,762 crore during the 2017-18 fiscal, according to the Solvent Extractors' Association of India (SEA) data. According to monthly report released by SEA, Soyoil import jumped by 154.5% to 2.92 lt in March compared to 1.15 lt last year same month. Overall, imports are higher by 19.5 for the period of Nov-Mar at 9.88 lt. According to monthly report released by SEA, soy oil import jumped by 64.7% to 2.20 lt in February compared to 1.34 lt last year same month. Overall, imports are lower by 2.31% for the period of Nov-Feb at 6.95 lt. USDA FAS in its latest GAIN report forecast India soyoil production at 17.22 lakh tonnes in 2018/19, up by 14.2% forecast by official USDA while Soyoil imports are pegged at 36 lt Vs 34 lt by USDA. At the Indore spot market in Madhya Pradesh, soyoil was steady at 757.45 Rupees per 10 kgs.Technically market is under short covering as market has witnessed drop in open interest by -2.97% to settled at 40800 while prices up 0.05 rupees, now Ref.Soya oil is getting support at 741 and below same could see a test of 739 level, And resistance is now likely to be seen at 744, a move above could see prices testing 745.

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Soyabean on NCDEX settled down by -0.16% at 3706 on profit booking after prices gained due to strong physical demand from domestic markets amid diminished arrivals from growing belts. As per latest SOPA press release, soybean arrivals for the Oct-Apr period pegged at 81 lt, up by 21.8% on year. Until now, country crushed about 62 lt of soybean compared to 55.5 lt last year for same period. As SEA, soymeal exports are revised higher to 13.58 lt, up 14.3% in 2018/19. Monsoon rains are likely to enter India through the southern coast on June 6, the weather office said, marking the start of the four-month rainy season that is crucial for the country's farm-dependent economy. Monsoon rains are likely to set over the Kerala coast on June 6, the state-run India Meteorological Department said in a statement. USDA in its monthly report forecast output at 109 lt in 2019/20, down 5% compared to last year. As SEA, soymeal exports are revised higher to 13.58 lt, up 14.3% in 2018/19. SEA revised March 2018 exports figures to 2.15 lt which is highest single month exports in last 26 months. India's October-April soymeal export is higher by 5.1 lakh tons, as compared to same period last year, mainly because of exports to Iran. Balance stock of soymeal stood at 1.53 lakh tons as on May 1, 2019 as against 2.05 lakh tons a year ago. At the Indore spot market in top producer MP, soybean gained 21 Rupees to 3868 Rupees per 100 kgs.Technically now Soyabean is getting support at 3695 and below same could see a test of 3683 level, And resistance is now likely to be seen at 3724, a move above could see prices testing 3741.

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Mentha oil on MCX settled down by -0.61% at 1431.2 amid improved demand from consuming industries at the domestic spot market. Further, lower arrivals from major producing belts of Chandausi in Uttar Pradesh also supporting prices. However, upside seen limited amid expectations of higher acreage under mint in 2019 due to lucrative prices throughout last year. Export demand of oil in global market is likely to be improved due to recovery in currency which is supportive for prices. The surge in output is likely due to buoyancy in planting intentions, not only in the traditional pockets of Uttar Pradesh and Bihar in recent days, but also in Madhya Pradesh. Mentha sowing may witness a huge jump this year because of high returns farmers experienced the whole of last year. Production of mentha oil is expected to rise to 48,000-50,000 tn in 2019 from 33,000-35,000 tn last year. This year, sowing of the crop started towards the end of last month, a couple of weeks later than usual due to extended cold weather in all major growing regions. Official data on mentha, with respect to sowing or production and export, is not available as trade in the commodity is tightly controlled by a few. This season, the area under mint is expected to be 250,000-265,000 ha. Mentha oil spot at Sambhal closed at 1538.80 per 1kg. Spot prices was up by Rs.7.10/-.Technically market is under long liquidation as market has witnessed drop in open interest by -1.93% to settled at 355 while prices down -8.8 rupees, now Menthaoil is getting support at 1417.2 and below same could see a test of 1403.2 level, And resistance is now likely to be seen at 1450.6, a move above could see prices testing 1470.

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MCX May CPO traded sideways and trading in a narrow range to close slightly lower on Monday. Currently, CPO prices are about 20% down on year due to higher stocks, weak international prices and higher imports.

For 2nd half of May, tariff value for CPO and RBD Palmolein cut by 23 and 26 dollar to 522 and 556 dollar per ton which is lowest tariff rate in 2019. According to USDA monthly report, India's palm oil imports in 2018/19 is expected to jump by 20% on year to 105 lakh tonnes due to sharp fall in the prices and lower tariff values. According to SEA monthly press release, Import of Crude palm oil down 19.2% on year in April at 4.50 lt while import of RBD palmolein up by about 13.7% to 2.38 lt due to lower prices in the international markets.

Malaysian markets were closed on Monday. Malaysian palm close unchanged on Friday but gain 5.8% last week due to good export demand. Malaysian palm oil shipments rose for May 1-15, between 4-15% from the corresponding period last month, according to data from three cargo surveyors. Expectations of higher exports and negative growth for production also supported prices. Palm oil output in May expected to decline. Data from the MPOB last Friday showed April output fell 1.4% from the previous month to 1.65 mt.

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Refined Soy Oil June futures close with little gain due to bargain buying and tracking gains Cbot soy oil after it slipped in the previous session. Prices are still under pressure due to cut in tariff by government by 1% and reports of sufficient stocks at port and higher in pipeline. Edible oil in pipeline is highest as on 1st May since October last year.

In a fortnightly notification, Government cut tariff value of crude soy oil by 7 dollar to $689 per tn for the 2nd half of May. According to monthly report released by SEA, Soyoil imports down 6% to 2.48 lt in April compared to 2.65 lt last year same month. Overall, imports are higher by 13.3% for the first half of OY 2018/19 (Nov-Apr) at 12.37 lt compared to last year same period. USDA in its monthly report revised higher the consumption to 50 lt in 2018/19 compared to 49 lt in previous month estimates. Consumption will increase to 52 lt in 2019/20.

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NCDEX Jun Mustard traded in a range and close flat at 3,905 rupees per 100 kg. Currently, prices are consolidating near 3,900 levels on hopes of meal demand coming from China after US imposed fresh tariff. Moreover, reports of nil imports of rapeoil for second consecutive month in April keep domestic crush demand higher. Nafed expected to procure about 20 lt at MSP from various states. USDA increase export forecast of rapemeal to 9 lt from 6.5 lt due to likely exports to China with larger crop and crush.

As per SEA, export of rapemeal in 2018/19 is sharply increased to 10.94 lt (Vs 6.64 lt last year) while for march revised higher to 93,110 tonnes from 50,964 tonnes. However, provisional exports were down about 3.5% y/y in April at 94,462 t compared to 97,891 t last year. USDA revised higher its production forecast for 2018/19 by 21% to 80 lt (Vs 61 lt) in its monthly report.

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