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Soybean futures (October) will possibly see a consolidation in the range of 3150-3220 levels. Soybean prices ruled steady at the major markets across the country
amidst marginal activity. Spot soybean traded at Rs.3,200-3,250/100kg at the benchmark Indore market of Madhya Pradesh, whereas plant delivery was flat at
Rs.3,250-3,350. The enquiries for Soybean meal has not picked up even if the Indian Rupee is depreciating against US Dollar. Mustard futures (Sept) may decline
further & test 3900 levels. Mustard seed prices slipped at the key markets of Rajasthan due to reports that Nafed may liquidate mustard seed at market rates
rather than MSP due to low market participants. Nafed had started mustard seed sale a couple of weeks earlier from Haryana and it has liquidated it at
Rs.4,011/100kg.Soy oil futures (Sept) may witness a consolidation in the range of 725-730levels. The mixed fundamentals of a bearish trend in domestic soybean
prices & on the contrary CBOT soy oil prices taking support near 28 cents per pound may keep the counter in a sideways zone. CPO futures (Sept) may witness a
consolidation in the range of 588-593 levels. Malaysian palm oil futures slipped on Wednesday evening on the back of bearish price and production outlooks,
especially in top producer Indonesia.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.7
percent at 2,217 ringgit ($540.07) a tonne at the close of trade.In other related oils, the Chicago December soybean oil contract was down 0.03 percent while the
January soybean oil contract on China's Dalian Commodity Exchange declined 0.5 percent.
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