Today Refined Soy Oil Outlook(18marc): Angel Commodities
Published on Thursday, March 18th, 2010 at 2:47 PMAuthor: onlinecommoditycalls (1958 Articles)
Fundamental Analysis
Soy oil prices ended in green on account of firm overseas market on Wednesday.
CBOT May Soybean oil futures ended higher at 39.83 cents/pound on Wednesday, up 0.46 cents/pound as compared to previous close.
The USDA’s net oil sales came in at minus 9,400 tonnes. Cumulative oil sales stand at 74.3% of the USDA forecast for 2009/2010 versus a 5 year average of 48.9%. Sales need to average 13,000 tonnes each week to reach the USDA forecast. The US Senate has inserted the $1 per gallon bio-diesel subsidy into another jobs bill and this bill has now passed the Senate. It will now go to the House of Representatives.
Technical Analysis
Prices closed below its 10 day & its 20 day EMA, which indicates bearish market sentiments.
14-Day RSI is at 41.34, which is in neutral zone.
Daily MACD just turned in negative territory.
Outlook
Refined soy oil futures are expected to trade range bound amid subdued trading activity on lack of fresh fundamentals (for short term). In the long term perspective, higher import of edible oils during the first 3 month of oil marketing year as compared to last year during the same period. Huge stock of imported edible oil and decision of continue to import of crude edible oil at 0% also in favor of bears in the market.
Courtesy: Angel Commodities
Subscribe to my newsletter filling the form below. I'll try to make you happy.
Related Posts
|
|
|
Market Live |
|
|
Loading ...