Soybean futures (Feb) is likely to trade in the range of 3800-3950 with bullish bias.
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Indian soyabean is gaining due to very low arrivals in MP mandi after end of
Bhavantar Bhugtan Yojana scheme. India’s soy meal exports to Iran could see a
considerable rise in the coming months to 500,000 tons during the next fiscal year.
India’s soy meal sales to Iran are set to spike as the oil producer uses the rupees it
receives for its crude exports to cover its animal feed demand. Iran has agreed to
sell crude oil to India, the world’s third-largest oil consumer, in exchange for rupees
after the United States reimposed sanctions on its financial sector. Looking ahead
to the above fundamentals, the oil mills have started procuring the oilseed to fulfill
the export orders for Iran. Lower level buying can be seen in mustard futures (Feb)
& the prices may test to 3990 levels on firmness in competitive soybean market.
Traders and market players are eagerly waiting for fresh crop which will touch the
ground in next couple of weeks. CPO futures (Jan) may trade in the range of 553-
562. Malaysian palm oil futures gained smartly on Tuesday, mainly backed by
bullish price predictions at an industry conference. Weakness in Ringgit also
supported CPO prices. Ref. soy oil futures (Feb) is expected to trade in the range of
761-770 on account of lower soy oil import & tracking firmness in soybean. 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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