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Soybean futures (Nov) is expected to trade sideways in the range of 3255-3315 levels. With the farmers restricting the supply of soyabean to mandis ahead of State government’s purchase under the ‘Bhawantar Yojna’ (Price difference scheme) from October 20, soyabean prices at the mandis in Indore have gained Rs.150 a quintal in the past one week. Soyabean prices rose to Rs.3,250 a quintal.Weak availability of soya seeds with the crushers also perked up plant deliveries to Rs.3,275-3,300. Also, there are possibility that China may lift decade long ban on soybean meal. In case China opens its door for Indian soybean meal, then thereare good prospects. Mustard futures (Nov) is expected to trade sideways in the range of 4135-4185 levels. Crushers demand for mustard seed is said to be slightly positive amid improving demand in mustard oil from consumption centres followed by firm cues in soy oil and palm oil. The consumption of mustard oil usually increases in October-November period due to festival season. CPO futures (Oct) is expected to trade with an upside bias in the range of 588-593 levels taking positive cues from a weaker rupee. The Indian rupee fell below the 74 level compared to the dollar as brent crude oil price inched toward the $82 per barrel mark again on rising tensions between oil-rich Saudi Arabia and the US. In other related oils, theJanuary soybean oil contract on the Dalian Commodity Exchange rose 0.4 percent,
while the Dalian January palm oil contract climbed 0.9 percent.
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