Selling intensified in major agri commodities on the back of bearish USDA news along with rise in imported oil inflows in local mandies. All the major oilseeds and spices have witnessed heavy selling in last trading hour of the day.
The latest import data of edible oil has fuelled some negative sentiments in oilseeds counter. As per the Solvent Extractors Association of India, the Import of vegetable oils during August 2018 is reported at 1,512,597 tons compared to 1,361,272 tons in August 2017 consisting 1,465,594 tons of edible oils and 47,003 tons of non-edible oils i.e. Up by 11%. The NCDEX September futures declined by 0.29 percent from previous close. While NCDEX October Mustard seed futures plummeted by 0.31 percent. On the other side, as per the latest release by United States Department of Agrculture (USDA), the global soybean production is increased 2.2 million tons, with larger crops for the United States and China that are partly offset by lower projections for Canada, India, and Uruguay.
Despite of bearish cues from global market , the NCDEX Wheat futures added more than 1 percent. However, as per the latest release by United States Department of Agriculture (USDA), the global wheat supplies for 2018/19 are raised 4.7 million tons on a 3.4-million-ton production increase to 733 million tones and higher beginning stocks. The Russian crop is raised 3.0 million tons on harvest results to date in the winter wheat region and continued excellent weather in the spring wheat belt.