Soybean futures (Feb) is likely to trade in the range of 3680-3800 with bullish bias.
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Strong global market and recent weakness in Rupee against dollar and high meal
demand from Iran is supporting the prices. Exports of soybean meal and other
value-added products from soybean recorded a decline of 2.3 per cent at 6.74 lakh
tonnes for the first quarter (October to September) of the current oil year 2018-19
as against 6.90 lakh tonnes in the same period last year. The outlook for mustard
futures (Feb) is bleak & the downside may get extended towards 3800 levels.
Weather condition till now was observed favorable in major rapeseed growing area
and the same shall support good yield prospects this year. With increase in acreage
by around 2%, one might observe rapeseed production to hover near 66 lakh tons
this year vs 63.8 lakh tons observed a year earlier. CPO futures (Jan) may trade in
the range of 544-552. Malaysian palm oil futures gained sharply in the second
session of trade on Thursday, tracking firmness in US soyoil. The April benchmark
crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up
Ringgit 22 or 1.01 percent at Ringgit 2,197 (USD 534) per tonne . Ref. soy oil
futures (Feb) is expected to gain & test 760 levels on account of lower soy oil import
& tracking firmness in US soyoil. Soy oil imports fell almost by 58% on monthly
basis to 85 thousand tons in Dec’18 from 2.03 lakh tons imported during Nov’18.
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