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Soybean futures (Nov) is expected to take support near 3190 levels & the downside may remain capped on reports of lower closing stocks. India 's previous soybean marketing year (MY) 2017-18 (Oct-Sept) ended with carry over stocks of 2.20 lakh tonnes, down from 13 lakh tonnes a year ago, said India’s premier trade body the Soybean Producers Association of India (SOPA) in a monthly release. Exports of soymeal during the MY 2017-18 totaled at 20.07 lakh tonnes, slightly up from 17
lakh tonnes a year ago, as per the release. Mustard futures (Nov) will possibly plunge towards 4130 levels. Spot mustard seed, oil and cake prices ruled lower at the key Jaipur market due to poor offtake from buyers. Nafed on Monday, October 8 has liquidated around 6,010 metric tonnes of mustard seed at various centres of Rajasthan and Madhya Pradesh. The agency has sold mustard seed with prices ranging between Rs.3,775 and Rs.3,875 per quintal. It had procured a total of 8.80 lakh tonnes of mustard seed and now 7.74 lakh tonnes of balance stocks are available with them. CPO futures (Oct) is expected to trade with a downside bias & test 585 levels taking negative cues from the international market. Malaysian Palm Oil Board (MPOB) has estimated Malaysian palm oil stocks at September end at 2.54 Million tonnes, 1.45 percent higher from August. It has estimated Malaysian palm oil export for September month, 47.18 percent higher at 1.62 million tonnes,while the palm oil production is seen rising by 14.38 percent to 1.9 million tonnes.
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