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Major trend remains positive but it is required to clear the resistance of 1165 with volume to continue the upside moves targeting 1180/1199 or even higher to 1138 levels. Meanwhile, weekly RSI is treading flat suggesting a neutral view. However, unable to break above 1148-1165 regions could see some corrective selloffs in the near term. Major weakness is see only once it clear the support of 1030 levels.

OILSEED

· Malaysia's crude palm oil output rose nearly 12% on month to a little over 1.7 mln tn in August, data from the Malaysian Palm Oil Board. Total palm oil stocks in the country increased 25% on month to around 1.9 mln tn. The export of palm oil in August fell 17% on month to nearly 1.2 mln tn, while that of biodiesel rose 139% on month to 56,891 tn.

· According to data by private cargo surveyor Ampec Agri, crude palm oil exports from Malaysia for August were 10.3% lower on month at 296,566 tn.

· The base import tax on crude palm oil has been slashed to 2.5% from 10%, the government said in a notification late on Friday. The base import tax on refined grades of palm oil, soyoil and sunflower oil cut to 32.5% from 37.5%. After the cuts, crude palm oil, soyoil and sunflower oil imports will be subject to a 24.75% tax in total, including a 2.5% base import duty and other taxes, while refined grades of palm oil, soyoil and sunflower oil would carry a 35.75% tax in total.

· India's vegetable oil imports fell 23% on year to 1.0 mln tn in August, the Solvent Extractors' Association of India said. During NovAug, the country imported nearly 10.7 mln tn of vegetable oil, down nearly 4.4% from the year-ago period. Edible oil imports were at 1.0 mln tn in August against nearly 1.3 mln tn a year ago, while for the 10 months of the 2020-21 oil marketing year, they fell to nearly 10.4 mln tn from 10.9 mln tn a year ago. As on Sep 1, India's ports had 600,000 tn of edible oil, and 1.2 mln tn edible oil in the pipeline. The country's edi-ble oil stocks rose by 55,000 tn on month to about 1.8 mln tn as on Sep 1.

· The government has slashed import duty on crude palm oil, refined, bleached and deodorised palm oil, palmole-in, palm stearin and other palm oils with effect from Wednesday until Sep 30. Govt cuts import duty on crude palm oil to 10% and RBD palm oil & RBD palmolein to 37.5%.

· India's oilmeal exports plunged 27% on year to 191,188 tn in July, according to data released by The Solvent Extractors' Association of India. For Apr-Jul, overall exports of oilmeal were up 10% on year at 926,833 tn. Indian soymeal price is currently uncompetitive and hence its exports are unlikely to revive till arrival of the new crop in Oct-Nov.

· The government plans to increase the area under oil palm trees by 14% to 404,000 ha in 2021-22 (Apr-Mar), with an aim to ramp up domestic edible oil production, according to farm ministry

REFINED SOYOIL

· India's oilmeal exports fell nearly 4% on year to 164,831 tn in August, according to data released by The Solvent Extractors' Association of India . In Apr-Aug, overall exports of oilmeal were up 8% on year at around 1.1 mln tn.

· The base import tax on crude soyoil and crude sunflower oil has been reduced to 2.5% from 7.5%, the government said in a notification. The base import tax on refined grades of palm oil, soyoil and sunflower oil cut to 32.5% from 37.5%. After the cuts, crude palm oil, soyoil and sunflower oil imports will be subject to a 24.75% tax in total, including a 2.5% base import duty and other taxes, while refined grades of palm oil, soyoil and sunflower oil would carry a 35.75% tax in total.

· India's vegetable oil imports fell 23% on year to 1.0 mln tn in August, according to SEA. During Nov-Aug, the country imported nearly 10.7 mln tn of vegetable oil, down nearly 4.4% from the year-ago period. Edible oil imports were at 1.0 mln tn in August against nearly 1.3 mln tn a year ago, while for the 10 months of the 2020-21 oil marketing year, they fell to nearly 10.4 mln tn from 10.9 mln tn a year ago. As on Sep 1, India's ports had 600,000 tn of edible oil, and 1.2 mln tn edible oil in the pipeline. The country's edible oil stocks rose by 55,000 tn on month to about 1.8 mln tn as on Sep 1.

· The government has cut import duty on crude soyoil and sunflower oil to 7.5% from 15%. It also slashed duty on imports of refined versions of both soyoil and sunflower oil to 37.5% from 45%, as per the notification. · Area under soybean in the 2021-22 (Jul-Jun) kharif season was up by 0.4% on year at around 12.2 mln ha as of till now, according to data released by the farm ministry.

· India's oilmeal exports declined 11% on year to 203,612 tn in June, according to data from from Solvent Extractors' Association of India. For Apr-Jun, overall exports of oilmeal rose 27% on year to 735,312 tn. soymeal exports fell 54.2% on year to 25,918 tn, and ricebran meal jumped 28.2% on year to 37,049 tn.

· The USDA scaled up its global soybean output view to 384.4 mln tn from the previous month's estimate of 383.6 mln tn. The global ending stocks are estimated higher by 2.7 mln tn from the previous month's estimate, at 98.9 mln tn, the agency said, citing higher beginning stocks for China and ending stocks in the US.

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