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Soybean futures (Dec) is expected to witness a consolidation in the range of 3350-3450 levels with upside getting capped. Buyers are hesitant to make any large deal due to weak global soybean market amid strong dollar and expectations of bumper crop in U.S. and poor export demand from China amid trade war. The global soybean markets are under pressure and India can’t escape from it. Indian
soymeal tentative rates for CNF-Rotterdam are said to be around $402 per metric tonnes versus Argentine origin $357. It means, Indian soymeal is $45 costlier. Mustard futures (Dec) is expected to break the support near 4155 & plunge towards 4140-4100 levels. Mustard seed prices at major mandis are mainly pressured by slow demand from crushers amid poor enquiries in mustard oil due to higher rates than rival soy and palm oil. The recent sharp correction in palm oil and decent fall in soy oil prices have made mustard seed uncompetitive. Shifting of demand to other related veg oils can't be ruled out, especially to soy oil, which is considered healthy and available at attractive rates. The trend of CPO futures (Nov) is bearish, however it may trade in the range of 525-535 levels. On the international market, the worries are high as palm oil inventory continued to swell by eight per
cent month-on-month to 2.72 million tonnes in October. The higher inventory is mainly caused by higher production — up by six per cent m-o-m to 1.96 million tonnes — and lower exports which has gone down by three per cent m-o-m to 1.57 million tonnes.
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