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| CapitalStars Investment Adviser |
Soybean futures (October) is expected to trade with a negative bias & likely to break the support near 3280 levels& extend the downfall towards 3250. Soybean area in the country is likely to rise 10% on year to 11.17 mln ha due to timely arrivalof monsoon, Soybean Processors Association of India said, citing results of their
first crop survey for the 2018-19 (Jul-Jun) sowing season.Soybean acreage in Maharashtra and Rajasthan is seen rising 38.7% and 13.1%, respectively, the
survey showed.Mustard futures (Sept) is likely to trade with a downside bias in the range of 4110-4155 levels. The current pace of mustard seed arrivals is very poor
against what is required for domestic crushing. The daily estimated mustard seed crush requirement is approximately 15,000 tonnes, whereas daily arrivals are
around 8,500 tonnes. Demand in mustard oil and mustard cake is not great, but it is mainly supported by short supply of raw material.Soy oil futures (Sept) is likely to descend down& test 732 levels. CPO futures (Sept) on MCX is expected to trade with a downside bias & test 590 levels. With the current spell of rains benefiting the
standing soybean crop to a large extent, demand in soy and other oils has declined,leading to a decline in its prices. On Thursday soy refined in Indore mandis quoted
at Rs.738-40 for 10 kg, while soy (solvent) ruled at Rs.700-Rs.705. Palm oil quoted at Rs.732, while cotton oil (Gujarat) ruled at Rs.780-85.
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