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Soybean futures (Nov) is expected to trade sideways in the range of 3280-3325.The average arrival of new soybean crop is said to be at around 5,50,000 bags per day. It will increase to an average of 7,00,000 bags per day ahead as the harvest is now in full flow amid clear weather conditions. The crop is said to be in very good condition but the new seed still has higher moisture level of 12-14% as compared to the ideal 10%. Meanwhile, the Soybean Processors Association of India (SOPA)
has come out with first survey for soybean crop for 2018 and pegged country’s crop over 37% higher at 114.83 lakh tonnes versus 83.56 lakh tonnes. Mustard futures (Nov) is likely to face resistance near 4220 levels. On the spot markets, the reduced crushers' demand due to slow sales in mustard oil is exerting pressure on this oil seed. The consumer demand has mainly shifted to cheap palm oil and soy oil. It is also reported that many small and medium crushing plants have either shut their
daily operations or doing need-based business, due to lack of sales inquiries in the pipeline, mainly due to warm weather conditions in the entire north India. A lower level buying can be seen near 582 levels in CPO futures (Oct) as it has the potential to test 600-602. The latest trade figures show that India's palm oil imports edged lower by 1.4% to 918,675 tonnes in September from a year.
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