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Soybean futures (Dec) is expected to trade sideways to up in the range of 3400-3440 levels. The overall bias is positive on expectations of fall in arrivals. The crushers buying is also said to be good amid improved enquiries for soymeal from domestic poultry feed industry. However on contrary, the concerning factor is an increasing price of domestic soymeal in the international market, which could
restrict overseas demand. Indian soymeal is tentatively costlier by $56 per tonne (CNF-Rotterdam). Indian soymeal was at around $413 versus rival Argentine origin at $357. Mustard futures (Dec) will possibly witness some lower buying near 4080 levels & witness gain towards 4125-4140 levels. Supported by China lifting the banon Indian import of mustard meal, oil seed prices are firming up in the spot. The optimism is again coming back among the market participants as they hope that the benefit of mustard meal exports to China will be reflected in the coming months, as the shipments will take about 15 days to a month to begin. Moreover, with winters getting stronger the consumption of mustard oil will rise. A study conducted by Yale University and Princeton University found that 90% of mustard oil in India is used for cooking; only 10 per cent gets into pickling, massage, hair care, etc. Looking at the bounce back in CPO futures (Dec) from 495 levels, it seems that the downtrend will take a back seat & we may see more short covering towards 520-525 levels. On the Bursa Malaysia Derivatives, palm oil prices may rebound taking support near 1950 ringgit per ton on account of lower level buying.
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