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Soybean futures (Dec) is expected to trade with an upside bias in the range of 3350-3420 levels. There is optimism hovering around the oilseeds complex due to the market talks that the government is considering raising incentives under the Merchandise Exports from India Scheme on all oil meals to 10% of free-on-board value from the current 5%, to provide a fillip to declining overseas shipments. The oil meal export basket mainly consists of soymeal, mustard meal, groundnut meal,
rice bran meal and castor meal. Lower arrivals of soybean in the country may also act as a positive factor to give support to the prices. The upside in mustard futures (Dec) will resume only if trades above 4225, till then it may witness consolidation in the range of 4110-4155 levels. Currently, this oilseed is getting a temporary support by Nafed decision to suspend mustard selling till further notice. Overall, the fundamentals are bearish as the sowing area this season is likely to increase ahead as farmers likely to sow crop with less water intensity. The downtrend in CPO futures (Dec) is expected to intact as it can test 497-487 levels. Malaysian palm oil futures fell more than 3 percent on Friday and were expected to remain under pressure until at least the start of 2019 due to high inventories. It is expected that the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to
trade lower at between RM1,750 and RM1,850 a tonne this week.
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