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Soybean futures (Dec) is expected to trade higher & test 3420-3440 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 in the range of 4035-4060 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 consolidate in the range of 495-507 levels taking positive cues from the rebounding palm oil prices in the international market. Malaysian palm oil futures gained sharply in the second session of trade on Wednesday, tracking an upside move in other benchmark edible oil markets, equities and crude amid hopes for a thaw in US-China trade relations at the upcoming G-20 summit. The optimism over implementation of B10 mandate coupled with weaker Ringgit and likelihood of El-Niño forming in the next 3 months, also lifted sentiments.
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