Mumbai - Indian vegetable oilseeds and oil complex was trading up tracking the current gains in the global markets Wednesday. The positive Abhijit Sen report has also brought back the buying interest in the domestic markets.

Malaysian palm oil futures has ended the morning session up supported by strong April export figures. The US soy complex closed down for a third successive session overnight. However, it is trading up currently with July soy oil and soybean quoting up by 14 points and 10 cents respectively.

The domestic markets are trading up tracking the current gains in the global markets. The buying interest has picked up in the Indian market after the Abjijit Sen report on futures market was tabled on Tuesday. The Report has not recommended ban on futures trading as it was not able to find any evidence of future price of commodities influencing spot prices.

Concerns that the panel's findings may lead to curbs on trading had pulled down futures prices for oilseeds, soy oil, chana, and corn for the past eight weeks.

However, the global markets despite the moderate gains today had made strong losses yesterday, which the domestic market ignored. Many players are expecting a sharp correction, once the sentiments turn week in the international markets again. This is limiting the gains today.

The most active June soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.25 hours is trading higher at Rs 2,187.00 [+ 1.00] per 100 kg with 1,530 tonnes traded.

At NCDEX the soy oil May contract is trading higher at Rs. 566.30 [+ 2.00] per 10 kg with 7,760 tonnes traded. The May contract at National Board of Trade [NBOT] is up at Rs. 566.80 [+ 2.50] per 10 kg, while the same contract at Multi Commodity Exchange of India Ltd [MCX] is trading higher at Rs. 566.15 [+ 1.85] per 10 kg with 1,430 tonnes traded.

Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session up supported by strong April exports. Cargo surveyor, Intertek Agri Services has estimated that Malaysias April exports have risen by 2.4% on month to four-month high of 1.29 million tonnes. However, the weakness in US soy oil and talks that some of the increase in exports was due to re-export of Indonesian palm oil has limited the gains.

The benchmark July contract has ended the morning session up at MYR 3,380.00 [+ 31.00] a tonne with 2,549 lots traded. [MYR=Malaysian Ringitt] [1 lot=25 tonnes]

The US soy complex closed down on Tuesday night on technical selling, uncertainty surrounding Argentina strike and sharp slide in crude oil. However, reports of possible early planting commencing in corn next week limited the losses and helped far-month contracts to make marginal gains.

May soybeans settled 4 cents lower at $12.79 1/2, July soybeans finished 4 cents lower at $12.93 1/2 and November soybeans ended 4 cents higher at $12.00 1/2. July soymeal settled $2.50 lower at $333.00 per short ton. July soy oil finished 66 points lower at 57.82 cents per pound.

MUSTARD SEED

Mustard seed futures is trading up tracking the gains in the domestic soy complex and in the global markets. The buying interest has picked up here too seen after the Sen report was tabled. The market is speculating that Government would not consider banning of futures trade as the report does not put any blame on futures trader.

The physical market is showing good demand for the arrivals, with stockists and millers purchasing the strong arrivals. Smaller crop size, negligible year-ending stock and fear of shortage in the forthcoming months are supporting the strong buying interest for new rapeseed arrivals.

Most active mustard seed July futures on NCDEX is trading higher at Rs. 556.90 [+ 2.30] per 20 kg with 12,980 tonnes traded.

The regional markets are up with May contract at Sirsa and Hapur quoting at Rs. 485.90 [+ 1.50] and Rs. 539.00 [- 0.25] per 20 kg respectively.

CASTOR SEED

Castor seed futures is trading up in thin trading tracking the gains in the edible oil markets. The market has been showing highly range-bound trading recently, which has reduced the volumes too. Strong arrivals are continuing and the spot market is also quoting firm.

Most active castor seed May futures on NCDEX is trading higher at Rs. 526.30 [+ 0.50] per 20 kg with 330 tonnes traded.