Soybean futures (June) is expected to trade sideways in the range of 3675-3740 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
up 0.4% at $8.25 a bushel, having closed down 1.2% on Tuesday. The U.S. Department of Agriculture said that soybeans were
19% planted, also short of market expectations. 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 520-518 levels. Malaysian palm oil futures eased at the midday break on
Tuesday, after hitting a three-week high in early trade, as higher production concerns for the month of May weighed down on
prices. Benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last down 0.6 per cent at
2,086 ringgit ($498.57) per tonne at the midday break. Despite data showing export gains, the market is down due to production
which may start picking up a bit. Flat or rising stocks from April to May, however, may add on to already high inventory levels,
which kept pressure on palm prices since the final quarter of last year. Mustard futures (June) & is expected to consolidate in the
range of 3880-3920 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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