Oilseed complex, this is the complex where bears have been active over last fifteen days and after the USDA estimates for the August came it seemed that we may see some fresh selling at these depressed levels also as indicates overall oilseed production is likely to move up sharply except China which was seen negative for the prices.     

Chinese soybean production was pegged at 15 million tonnes, down 400,000 tonnes because of lower yields from "untimely dry conditions in northeastern growing areas," the USDA said. China's official grain forecaster cut its estimate of corn output to 165.5 million tonnes earlier this week because of the drought

The China National Grain and Oils Information Center estimated the soybean crop at 14.5 million tonnes, and said rain and cold weather had hurt yields.

USDA 2009-10 Soybean production is estimated at 2439.40 lakh tones vs. July 2420.70 lakh tones and U. S. A. production is likely to move up from July's forecasts of
870.70 lakh tones vs. 883.20 lakh tones which indicates that prices may remain under pressure in near term

Oilseed outlook for the day is selling on rise weak crude oil prices and bumper crop in major producing regions might limit the upside.