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Soybean futures (Nov) is expected to trade higher, if prices hold above 3285 then may test to 3330-3350 level as the government has approved procurement of oilseeds at minimum support prices (MSP) during the kharif marketing year that started October, in nine states, including Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka and Andhra Pradesh. The Maharashtra government has extended registration deadline for procurement of soybean under the minimum
support price (MSP) from Oct 24 to Nov 15. However, Profit booking at higher level cannot be denied as the arrival of new soybean crop is increasing day by day as the harvest is now in full flow amid clear weather conditions. According to the Soybean Processors Association of India (SOPA) soybean crop in 2018 is pegged 37% higher at 114.83 lakh tonnes. Mustard futures (Nov) is likely to trade with upside bias. So buy near 4170 for upside of 4250 level. The counter may get support due to better export prospects of rapeseed meal as China has dropped a ban on rapeseed meal imports from India. So, few crushers have increased buying on rapeseed meal export prospects. However, upside will be limited as sowing is expected to start soon followed by ample stocks in the country to cater demand. A lower level buying can be seen near 560 levels in CPO futures (Nov) as prices fell sharply in last few days on negative cues from Malaysian palm oil. Bullish sentiment in domestic oilseed sector may support the prices. However, weaker crude prices and falls in soyoil prices in CBOT may cap the upside.
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