Soybean futures (June) is expected to trade sideways in the range of 3675-3725 levels
It is being estimated that India is
set to grow soybeans on more land in the 2019 crop year as higher prices for the oilseed push some farmers to switch from
cultivating competing commodities such as cotton and pulses. On the international markets, the most active soybean futures were
down 0.2% at $8.26-1/2 a bushel, having closed up 0.8% on Wednesday. The Trump administration is considering direct payments
to U.S. farmers of $2 per bushel for soybeans as part of an aid package to offset the trade war with China, Bloomberg reported on
Tuesday, an offer that could encourage more soy planting despite record supplies. Taking cues from the positive sentiments of the
international market & a weaker rupee against dollar hovering near 70, soy oil futures (June) is expected to see the level of 743-
744, taking support near 740. On the contrary CPO futures (June) may crash towards 515-512 levels. Palm oil on Bursa Malaysia
Derivatives Exchange may test a support at 2,034 ringgit per tonne, a break below which could cause a loss to 1,967 ringgit. Palm
oil on the European vegetable oils market revealed mixed price movements on Wednesday with smaller ups and downs during an
overall quiet market. CBOT soyoil futures were around $0.23 cents per lb up, boosted by bargain hunting, as stated by market
watchers, and delayed U.S. seeding. Mustard futures (June) is expected to consolidate & trade with an upside bias in the range of
3910-3940 levels. The sentiments are upbeat due to buying by oil millers and on hope of a pick-up in procurement at minimum
support price
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