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NEWS HEADLINES
Soyabean :Soyabean October futures jumps higher for the second consecutive day on Thursday tracking good physical demand and reports of deficient rains in soybean planting districts of Madhya Pradesh and Maharashtra. The area coverage under Soyabean, as on 11th August, is reported down 9.22% at 101.59 lakh hectares compared to 111.91 lakh hectares at the same period last year, as per government data.
Soya oil :Refined Soy Oil Sep futures closed higher on Thursday due to good physical demand due to beginning of festival season coupled with higher import duty on edible oil. Recently, Ministry of Commerce raised import duty on crude and refined oil to 15% and 25 per cent from 7.5% and 15% earlier.
Sugar :Sugar Futures closed unchanged on Thursday on good supplies. The government is considering allowing imports of 3-5 lt of sugar at a concessional duty of 25%, as it weighs a raft of proposals to boost supplies in the build-up to the festival season, especially in southern states where a deficit is anticipated in September and October. The food ministry expects sugar output in 2017-18 (Oct-Sep) at 235-240 lakh tonnes(lt), much below 251.lt projected by the Indian Sugar Mills Association(ISMA).
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CHART OF THE DAY
SOYABEAN
BUY SOYABEAN OCT ABOVE 3200 TARGET 3230/3260 STOPLOSS 3170
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