Soybeans notched biggest daily gain in percentage terms since July 12.

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1 SOYBEAN COMPLEX FUNDAMENTALS INTERNATIONAL RECAP August 16 th, 2016 U.S. soybean future surged higher on Monday to their highest in more than three weeks, supported by strong export demand and a rally in the soy oil market. Soybeans notched biggest daily gain in percentage terms since July 12. Soy oil futures rose to their highest since April 27 after a monthly National Oilseed Processors Association report showed that supplies were tighter than expected. NOPA said that its members crushed million bushels of soybeans in July, down from million during June. In July 2015, the NOPA crush was million bushels. Analysts had been expecting a July crush of million bushels. NOPA said that soy meal exports fell to 579,417 MT in July from 594,710 MT in June. In July 2015, soy meal exports were 590,582 MT. USDA on Friday boosted its forecast for U.S. soybean exports in the 2015/16 marketing year by 85 million bushels. It also raised its soy export outlook for 2016/17 by 30 million bushels. The market also was digesting Friday's sale of 258,000 MT of new-crop U.S. soybeans to China, the 12th largest soybean sale to be confirmed by the USDA in 13 business days. The U.S. Department of Agriculture kept U.S. soybeans ratings at 72% good-to-excellent condition by the U.S. Department of Agriculture, steady from a week ago and above last year's 63%. Soybean remained mixed on Tuesday morning but could remain firm supported by export outlook. However, bumper crop expectations could limit upside. MUSTARDSEED FUNDAMENTALS ICE Canada canola futures rose to their highest since July on Monday, piggybacking on a rally in U.S. soybean futures despite expectations of a big harvest in the coming weeks. CBOT Soybeans as on (USc / BSH ) Contract Close High Low Net Chg % Chg Aug Sep Nov CBOT Soy meal as on (USD / TONS) Aug Sep Oct CBOT Soy Oil as on (USc / LBS ) Aug Sep Oct Dalian Soybean as on Sep Nov Jan Dalian Soy meal as on Sep Jan May Dalian Soy Oil as on Sep Jan May ICE Canola as on (CAD /TONNE) Nov Jan Mar Source: Thomson Reuters Some talk of buying by China also bolstered the canola market. The Canadian Dollar rose to a one-month high against its U.S. counterpart as oil prices rose. ICE Canola prices could remain range bound to firm. Investors now await cues from monthly USDA report on Friday.

2 US WEATHER According to National Weather Service (NWS), The region surrounding a stalled front will serve as a focus for showers and thunderstorms. A very large amount of moisture available in the atmosphere means that very heavy rain is possible in that activity, with the threat of flash flooding. Source: US NATIONAL FORECAST MAPS Source: Weather.gov > National Forecast Maps

3 DOMESTIC OILSEEDS FUNDAMENTALS Indian soybean futures edged lower on Friday as abundant rainfall helped farmers to plant more of summer-sown oilseed this time as compared with the previous year, raising hopes of a boost in production. Rapeseed futures fell due to low demand from millers when prices are high due to tight supplies. Refined soy oil futures ended up helped by a dip in vegetable oil imports last month. India's vegetable oil imports in July declined 24 percent from a year earlier to 1.14 million MT as the country had high inventory of the commodity, a leading trade body said on Friday. India imported 10.9 million MT of vegetable oil during the first nine months of the oil year that started on Nov. 1, a rise of 5% on year, Solvent Extractors' Association of India said. Indian soybean prices could continue to trade range bound to weak on better crop prospects. Soy oil prices could trade range bound to firm. NCDEX WAREHOUSE INVENTORY Commodity 12-Aug-16 RM Seed RM Seed - Alwar 1706 RM Seed - Bikaner RM Seed - Jaipur 3030 RM Seed - Jodhpur 2666 RM Seed - Kota 3139 RM Seed - Sri Ganganagar 4669 TOTAL RM Seed DOMESTIC RECAP NCDEX Soybeans as on (INR /KG100) Contract Close High Low Net Chg % Chg Oct Nov Dec NCDEX Refined Soy oil as on (INR /KG10 ) Aug Sep Oct NCDEX RM Seed as on (INR /KG100) Aug Sep Oct CROP COVERAGE KHARIF Crop Week Ending Week Ending Week Ending Oilseeds Data in lakh hectares, Source: PIB NCDEX ALLOCATIONS IN AUGUST 2016 Commodity Quantity in MT RM Seed 790 Soybean - Source: NCDEX Soybean Soybean B - Akola 0 Soybean B - Kota 0 TOTAL Soybean 0 Source: NCDEX

4 IMD WEATHER Source: IMD SKYMET WEATHER UPDATE According to Skymet, The fresh cyclonic circulation in Bay of Bengal has intensified into a low pressure area and is presently marked over Northwest Bay of Bengal off the Odisha Coast. The system is likely strengthened further into a well-marked low pressure and move inland in west direction. With this, moderate to heavy rains are likely over Odisha, Gangetic West Bengal including Kolkata, South Jharkhand, and adjoining Chhattisgarh on Tuesday, while light rains are also expected over North Coastal Andhra Pradesh. Few parts are also likely to witness very showers as well. Northeast India will also witness increase in rain intensity. Meanwhile, the cyclonic circulation over Uttar Pradesh has now merged with the Monsoon trough which is now running across Jammu, Uttarakhand, Uttar Pradesh, Jharkhand and further through the centre of the low pressure area. In wake of this, moderate showers will continue over East Uttar Pradesh, North Madhya Pradesh and parts of Bihar. Light rains can also be seen over Northwest India including Delhi NCR. Moving down south, the trough along the West Coast has become insignificant. With this mainly light showers can be seen over Konkan and Goa, Coastal Karnataka and North Kerala. One or two moderate spells cannot be ruled out. Meanwhile, Monsoon will remain subdued over interiors of Peninsular India, along with parts of Gujarat and West Rajasthan on Tuesday.

5 PALM OIL FUNDAMENTALS Malaysian palm oil futures were on track for a second session of gains on Monday morning, climbing to the strongest levels since June 10 and tracking gains in competing vegetable oils. U.S. soybean futures recovered losses on Monday on better demand from top market China. The Chicago Board of Trade soybean oil rose on Monday, while the January soybean oil contract on the Dalian Commodity Exchange also ended with gains on Monday. Dalian's January contract for RBD palm olein ended up by 3.41% on Monday. Stronger exports have also lent support to the market, as data from cargo surveyor Intertek Testing Services showed a 30% rise to 733,369 MT from 561,471 MT in the first half of August versus the same time last month. Exports of Malaysian palm oil products for Aug rose 31.6% to 750,942 MT from 570,631 MT shipped during Jul. 1-15, cargo surveyor Societe Generale de Surveillance said. Meanwhile, Indonesia's crude palm oil (CPO) output likely rose 14% in July, according to a Reuter s survey, its third straight month of growth as impact from last year's drought diminished. CPO production likely rose to million MT in July from million MT in June, according to the median estimate in a survey of two industry associations, a state palm research firm and one of Indonesia's largest planters. The respondents said output rose for a third month in a row after eight straight drops through April on the lingering impact of drought from last year's El Nino weather pattern. CPO stocks showed some recovery by rising 9.5% in July to MT from million MT a month earlier, the lowest since the survey started in August Indonesia's domestic consumption was expected to be around 1 million MT last month, compared with an estimated range of 600, ,000 MT domestic consumption in June. Malaysia, will keep its crude palm oil export tax at 5% in September from the same levels in July, a circular on the Malaysian Palm Oil Board website showed on Monday. Indian CPO on MCX rose on Friday, tracking firm overseas prices. Prices could remain range bound to firm. MARKET RECAP BMD CPO as on (MYR /TONNE) Contract Close High Low Net Chg % Chg Aug Unch - Sep Oct ICDX CPO as on (IDR / KG) Aug Sep Oct MCX CPO as on (INR /KG10 ) Aug Sep Oct Dalian RBD Palm Olein as on Sep Jan May Month Output Exports Inventories GAPKI export data 2016 July June May April March February January December November October September August July June May April March February January

6 NCDEX REFINED SOY OIL SEPTEMBER Cndl, NSOc2 Date 8/12/2016 Open High Low Last Net Chg N/A % Chg N/A 3MA, NSOc2 Date 8/12/2016 3MA_ MA_ MA_ /5/2016-8/22/2016 (BOM) Price INR 10B April 2016 May 2016 June 2016 July 2016 August Auto OLD RECOMMENDATIONS Positional call: Buy NCDEX Refined Soy oil September in the range with targets and a stop loss at The call remains active. NEW RECOMMENDATIONS Positional call: Sell NCDEX RM Seed September in the range with target and a stop loss above The call remains active. INTRADAY LEVELS AND TREND Contracts Support Resistance Overall Intraday Trend CBOT Soybeans - Sept Bullish CBOT Soy meal - Sept Bullish CBOT Soy Oil - Sept Bearish ICE Canola - Nov Bearish NCDEX Soybeans - Oct Bearish NCDEX Ref. Soy Oil - Sept Bullish NCDEX RM Seed - Sept Bearish BMD CPO - Oct Bearish ICDX CPO - Oct Bearish MCX CPO - Sept Bullish Dalian RBD Palm Olein - Sept Bullish Dalian Soybean- Sept Bullish Dalian Soy meal - Sept Bearish Dalian Soy oil - Sept Data

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