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| CapitalStars Investment Adviser |
Soybean futures (Nov) is expected to trade higher & test 3385-3395 levels.Soybean price is expected to trade strong in the coming weeks, however one should also keep a close eye on U.S. CBOT market which has exhibited subdued trend due to trade spat with China. Demand for soybean is steady, but lower than last week mainly due to cautious buying by crushers at higher levels. Crushers have so far procured soybean in good quantity in order to meet domestic and overseas soymeal commitments. Indian soybean meal (CNF-Rotterdam) was tentatively at $391 per metric tonnes versus Argentine origin at $354 metric tonnes. Mustard futures (Nov) is likely to trade sideways to down in the range of 4045-4140 levels.Mustard seed prices in the physical markets across Rajasthan fell for the fourth
straight session due to poor demand from crushers. Mustard seed 42% condition softened further by Rs.5 at Rs.4,295-4,300/100kg, while mustard oil ruled steady at Rs.940/10kg. Mustard oil too remained unchanged at Rs.1,995/100kg at the benchmark Jaipur market. China has lifted ban on Indian mustard meal, but the norms are too harsh, which domestic exporters are finding difficult to fulfill, according to trade sources. However, they are in talks with related authorities and raised their concern, but it will take some time to sort out things. CPO futures (Nov) may trade with a downside bias in the range of 568-573 levels. In the international market, market players may stay sidelined ahead of any announcements or outlook from the GAPKI conference. The Indonesian Palm Oil Association or GAPKI is scheduled to hold its industry conference on Thursday and Friday.
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