OILSEEDS ROUNDUP. 15 January GeofinComtrade Ltd. Phone:

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1 GeofinComtrade Ltd. Geojit BNP Paribas Bldg, 1th Floor, 34/659-P, Civil Line Road, Padivattom. Kochi Kerala Phone: Geofin Research Desk, Kochi Vinod TP MCX Member code: 422 FMC No.: MCX/TCM/CORP/171 NCDEX Member code : 92 FMCNo.:NCDEX/TCM/CORP/895 NMCE Member code: CL324 FMC No.: NMCE/TCM/CORP/245 ACE Member code: 6192 FMC No: ACEL/TCM/CORP/429 Disclaimer: Trading/investing in Commodity Derivatives involves considerable risk you may lose part or all of the initial investment. It is not ideal for all types of investors, and you are advised to seek professional assistance before the same. Past performance may not necessarily be repeated in the future. The news and views posted on this report is based on information which is believed to be accurate. This report is provided to enable you to make your own investment decisions and should not be construed as investment advice. The anticipatory moves mentioned in the report are purely subject to technical studies and does not take into consideration sudden currency volatility and data events. The author, directors and/or employees of Geofin Comtrade cannot be held responsible for the accuracy of the content posted on this report or for decisions taken by the readers based on such information. 15 January 216 OILSEEDS ROUNDUP A Daily Fundamental report on Oilseed Complex

2 International Market Updates Contacts Open High Low Close LTP Pct.Chng CBOT SOYBEAN Soybean Jan Soybean Mar Soybean May CBOT SOYBEAN OIL Soybean Oil Jan Soybean Oil Mar Soybean Oil May CBOT SOY MEAL Soy Meal Jan Soy Meal Mar Soy Meal May BMD MALAYASIA CPO Mar DCE CHINA DCE PALM OIL #N/A Major Price updates International markets Price % Change Riskiness (SD) Ann. Voaltility Units Malaysian CPO FOB Malaysian Palm kernel oil FOB Malaysian Palm RBD FOB Malaysian Palmolein Malaysia Palm Stearin Malaysia Palm Fatty Acid Distillate FOB Indonesia CPO FOB SEA Crude Palm Oil Indonesia FOB China-Tianjin Port Ex Factory Refined palm oil Spot China-Rizhao Port Ex Factory Refined palm oil Spot Indian Prices in various ports CNY/tonne CNY/tonne SEA Crude Palmoil CIF Mumbai Indian-Mumbai CIF Palmolein RBD Spot Indian Palm oil Kandla spot- Crude Palmoil Kakinada Spot FOB malaysian Palm oil converted FOB Indonesian Palm oil converted Source: Reuters, GCTL FOB Indian Converted prices Rs.per1Kg Rs.per1Kg Rs.per1Kg Rs.per1Kg

3 CPO CPO JAN (-.24%) CPO MAR (-.16%) CPO APR (+.57%) CPO MAY (+.27%) Analysis Source: Cogencis, GCTL Name 1 week high 1 week low 52 week high 52 week low 1 month r 6 month r 12 month r CPO JAN CPO MAR CPO APR CPO MAY Spot Market Price Spread 29-Jan 31-Mar 29-Apr 29-Apr CPO-Kandla Spot RBD-Kandla Jan Mar Increase in volume and consistent OI suggests, market is on turn around. Outlook on CPO CPO futures, witnessed profit booking from higher level as traders booked their profits. In the morning, BMD Malaysian prices is trading up by.8% due to positive export data. Exports of Malaysian palm oil products for Jan rose 4.3 percent to 486,846 tonnes, rising from 466,876 tonnes for Dec. 1-15, according to cargo surveyor Intertek Testing Services report. Moreover, concerns over fall in output this year due to the El Nino in Malaysia and Indonesia is also supporting the prices. Hence, we see an upward bias in prices for the day.

4 Soybean SOYABEAN - JAN (-.3%) SOYABEAN - FEB (-.13%) SOYABEAN - MAR (+.21%) SOYABEAN - MAY (+.36%) SOYABEAN - APR (+1.15%) Analysis Source: Cogencis, GCTL Name 1 week high 1 week low 52 week high 52 week low 1 month r 6 month r 12 month r SOYABEAN - JAN SOYABEAN - FEB SOYABEAN - MAR SOYABEAN - MAY SOYABEAN - APR Spot Market Price Spread 2-Jan 19-Feb 18-Mar 2-May Soybean-Indore 3747 Spot Soybean-Kota Jan Soybean-Nagpur Feb Decrease in volume and OI along with declining profits, suggests profit booking. Outlook on Soybean Domestic February soybean futures seen profit booking due to weak soymeal exports and weakness in bellwether CBOT contract that closed before expiry. But, concerns over poor rabi oilseed output due to lack of cool winter may keep the cover rally intact. On Tuesday, USDA trimmed its forecast of soybean ending stocks to 44 million bushels from 465 million and also lowered US 215 estimates to 393 million bushels. However, soymeal exports was still down due to higher soybean prices compared to the international markets. Overall, we expect to see bounce back in the near term as stockpiles of both in the U.S. and across the globe looking tighter than previous month.

5 Soy oil JAN (+.68%) FEB (+.35%) MAR (+.6%) APR (+.82%) MAY (+1.24%) Analysis Source: Cogencis, GCTL Name 1 week high 1 week low 52 week high 52 week low 1 month r 6 month r 12 month r JAN FEB MAR APR MAY Spot Market Price Spread 2-Jan 19-Feb 18-Mar 2-May Soyoil-Mumbai 65 Spot Soyoil-Indore 61 2-Jan Soyoil-Nagpur Feb Volume increasing with declining OI suggests short covering. Outlook on Refined Soy oil NCDEX Soy oil February contract traded in a narrow range with an increase in volume and decrease in OI, which suggest, short covering rally came to an end. Enhanced buying interest in the spot market was also supported the prices. However, uncertainty over the Chinese economy is still looms, which may cap major upside rally in the near future. Moreover, higher domestic inventories is likely to weigh down the prices. In the mean time, Soybean Processors Association requested the government to fix tariff rate quota for soyoil with 1. mln tone of import at the current customs duty of 12.5% and beyond 1. mln tones at 45%, in order to protect the industry.

6 Rmseed RAPE MUSTARD SEEDS - JAN (+.36%) RAPE MUSTARD SEEDS - APR (+.22%) RAPE MUSTARD SEEDS - MAY (+.24%) RAPE MUSTARD SEEDS - JUN (+.28%) Analysis Name 1 week high Source: Cogencis, GCTL 1 week low 52 week high 52 week low 1 month r 6 month r 12 month r RAPE MUSTARD SEEDS - JAN RAPE MUSTARD SEEDS - APR RAPE MUSTARD SEEDS - MAY RAPE MUSTARD SEEDS - JUN Spot Market Price Spread 2-Jan 2-Apr 2-May 2-Jun Rmseed-Jaipur 4424 Spot Rmseed-Alwar Jan Apr Increase in volume and slight decline in OI suggests short covering rallies. Outlook on RMseed Rmseed February contract initially traded in positive bias in the first half of the session and later it settled down as traders trimmed of long positions. Meanwhile, in the spot market, arrivals fell to 55, from 7, bags that limited the major selloffs in the NCDEX platform. Tight supply is still prevailing in major mandis. Concerns over the unusual warmer weather that may affect the yield in major growing areas may support the prices. Further, according to traders, new crop arrivals would be delayed and which may expect to see at the end of February. Amidst, around 722 tones allocated and 584 tones of Mustard seed were delivered under staggered delivery mechanism in NCDEX bourse.

7 Castorseed CASTOR SEED NEW - JAN (-1.72%) CASTOR SEED NEW - FEB (-1.63%) CASTOR SEED NEW - MAR (-.87%) CASTOR SEED NEW - APR (-.63%) Analysis Source: Cogencis, GCTL 1 week Name 1 week low 52 week high 52 week low 1 month r 6 month r 12 month r high CASTOR SEED NEW - JAN CASTOR SEED NEW - FEB CASTOR SEED NEW - MAR CASTOR SEED NEW - APR Spot Market Price Spread 2.Jan 19.Feb 18.Mar 2.Apr Castorseed-Deesa 349 Spot Jan Feb Increase in volume with stable OI suggests short covering rally. Outlook on Castor seed Castor seed prices prolonged its weak bias on expectation of better yield in the current season along with an allocation of 1957 tones for staggered delivery in January contract. So far, 16,57 tones of castor seed would deliver through various NCDEX warehouses. Besides these, anticipation of bulk arrivals at the end of this month and lack of export demand in castor meal was also weighed down the prices. But, SEA reported a jump in castor oil exports by 65.8% to 33,464 tones in the month of November, that may limit major selloffs in the short run. Overall, we expect to see pullback rally for the day.

8 Stocks in Major NCDEX Warehouses on 14 Jan Commodity Centre Unit Unit As on Previous Week Ago 1-mon ago Jan.14 Jan.13 Jan.8 Dec.14 Mustard Seed Alwar tn 1,235 1,235 1,215 2,471 4,176 Jaipur tn 4,553 4,413 4,783 8,349 29,91 Jodhpur tn 951 1,152 1,22 1, Kota tn ,262 11,861 Bikaner tn Sriganganagar tn Total tn 6,959 7,549 7,949 17,779 46,611 Soybean Castor Seed Source: Cogencis Indore tn 5,943 5,943 5,963 5, Akola tn 25,492 25,53 25,643 23, Kota tn 24,9 25,265 26,888 27,5 221 Latur tn 6,36 6,33 6,35 4, Mandsaur tn 5,422 5,422 5,422 4,9 -- Vidisha tn Total tn 67,439 68,595 7,398 65, Bhabhar tn 1,773 1,773 1,773 1,733 2,288 Patan tn 83,457 82,163 76,71 59,173 62,695 Kadi tn 6,823 6,511 57,145 49,318 5,936 Deesa tn 18,589 18,499 17,54 16,326 18,57 Total tn 164, , , ,55 133,976 Click on for further details on allocations and deliveries Allocations Deliveries Source: NCDEX Geofin Research Team, Kochi Phone: / Mobile: Hareesh V Head of Commodity Research hareesh@geofin.co.in Vinod T. P. vinod_tp@geofin.co.in Anu V Pai anu_vp@geofin.co.in research@geofin.co.in Krishnaprasad NB krishnaprasad_nb@geofin.co.in Vishidha Vijayakumar vishidha_v@geofin.co.in This document may not be reproduced, distributed or published, in whole or in part, by any recipient hereof for any purpose without prior permission from Geofin Comtrade Ltd.