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Soybean futures (Dec) is expected to trade with an upside bias in the range of 3410-3450 levels. China, the largest importer of soybean, is likely to open its door for the oilseeds from India following a tariff war with the US. Beijing had recently allowed India to export non-basmati rice, rapeseed and raw sugar to meet its growing demand. The modalities to allow the export of soybeans to China is being worked out and an announcement from Beijing could be made very soon. 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. The sentiments are still bearish in the international markets as Inventories in top producers Indonesia and Malaysia were expected to rise for the next two months, with demand unlikely to jump from key buyers as palm oil solidifies in winter months. Stockpiles at the end of October increased 7.6 percent
from the previous month to 2.72 million tonnes, while production rose 6 percent to 1.96 million tonnes, official data from the Malaysian Palm Oil Board showed last week.
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