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Vegoils Commentary: Futures likely to surge higher supply concerns of Soybean

8 Mar 2021 9:11 am
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Mumbai (Commodities Control) – Malaysian palm oil futures ended higher on Friday but were unchanged for the week, underpinned by a weaker ringgit and gains in rival soyoil, but pressure from a forecast of higher February-end stockpiles capped the gains.

CBOT soyoil futures rallied with energy markets and were between 0.81 and 1.21 cents per pound higher. Dry weather in Argentine soybean growing areas also underpinned soyoil futures.

Crude Oil prices jumped on Friday after major producers agreed to extend most oil output cuts into April. OPEC+ created shockwaves on the oil market yesterday when it decided to leave production unchanged even in April. Only Russia and Kazakhstan were granted permission to increase output by a total of 150,000 barrels per day.

A combination of factors including the rise in 10-year US Treasury yield and China's modest 2021 gross domestic product growth forecast have weighed on the ringgit's performance against the US dollar Friday, despite firmer oil prices.

Palm oil on the European vegetable oils market mostly eased on Friday as a strong dollar outweighed higher soyoil futures and another rally in energy markets.

BMD CPO 3M futures are likely to stabilise towards 3900/4000 RM/MT in coming sessions.

MCX CPO 1M futures to trade towards 1070/1090 Rs/10 kg.

NCDEX ref soy oil is likely to trade towards 1200/1230 Rs/10 Kg.

(Commodities Control Bureau)

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