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Soybean futures (Dec) is expected to take support near 3340-3330 levels. With carryover stocks so low, pipelines were dry at the beginning of the season and traders are still stocking up. The buying spree is expected to continue, as orders for soymeal exports are higher this year. Crushers demand for soybean is said to be good as lower arrivals prompted them to procure raw material, but they are looking to buy at the lower rates. Also, domestic demand for soymeal remains supportive. Mustard futures (Dec) will possibly trade sideways to down in the range of 3960-4010 levels. The main reason that has pressure mustard price is good pace of Rabi mustard seed sowing in the country. Mustard seed acreage in the country as on Nov 23 recorded 3% higher at 52.93 lakh hectares versus 51.37 lakh hectares a year ago. Besides sowing, poor enquiries in mustard oil and mustard cake and lack of any major development on front of mustard meal exports to China. CPO futures (Dec) will possibly break the support near 490 & plunge towards 485 levels. On the international market, palm is likely to struggle to maintain positive momentum, given high inventory levels in Malaysia due to high production and weak demand. "The market needs to see real demand before we can expect recovery in prices, adding high inventory will continue to put pressure on prices in short term.
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