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Soybean futures (Nov) is expected to trade higher towards 3330 levels. The counter is expected to witness a lower level buying taking positive cues from the spot markets. Demand in soybean is good from crushers as well as stockists.Stockists are buying expecting prices to improve ahead amid optimism of better soybean meal exports. India’s soybean export prospects seem better in ongoing marketing season 2018-19 (Oct-Sept) due to good production followed by competitive rates amid depreciating rupee. Mustard futures (Nov) is likely to trade higher & test 4250 levels, as soon as it breached the resistance near 4225. China has dropped a ban on rapeseed meal imports from India as the Government seeks to diversify sources of protein used in animal feed, China's customs administration said. Rapeseed meal shipments from India can resume from Monday if they meet certain inspection and quarantine requirements, the General Administration of Customs said on its website. CPO futures (Oct) is expected to witness to downward to 572 level. On the internationals market, Palm oil declined for the third consecutive session today with the January benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 21 or 1 percent at Ringgit 2,179 (USD 522.79) a tonne. Chicago soyoil fell overnight because of a sharp fall in energy markets. Lower energy prices could lead to declining demand for vegetable oils by biodiesel producers.
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