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Soybean futures (Dec) is expected to trade sideways to down in the range of 3320-3400 levels. Soymeal export has been mainly affected by the increasing disparity with rival Argentine amid higher soybean price at domestic level and sustained recovery in Indian rupee over the last few trading sessions. Indian soymeal spread has increased to around USD 55 per tonne (CNF-Rotterdam) to Argentine origin. Further sluggish tone in soy oil is also an important factor need to be watched out. Mustard futures (Dec) will possibly trade sideways in the range of 4020-4080 levels. Mustard seed traded steady at the benchmark Jaipur market of Rajasthan as sellers in the spot market remained reluctant to offload stocks at the lower level. Mustard seed 42% condition quoted at Rs.4,230-4,235/100kg, while mustard oil (Kachi Ghani) traded at Rs.835-835/10kg with mustard cake at Rs.1,980-1,985/100kg. Meanwhile, Nafed has so far liquidated 3.17 lakh tonnes from total procured quantity of 8.63 lakh tonnes with 5.46 lakh tonnes left as balance stock. CPO futures (Dec) will possibly continue to plunge towards 485-480 levels taking negative cues from the fall palm oil prices in the international market. Malaysian palm oil futures fell sharply in the second session of trade on Monday after Indonesia government decided to set export levies of crude palm oil (CPO) to zero from the previous USD 50/tonne. The complete withdrawal of export levies in Indonesia will help the country to maintain its position in international markets for the commodity. But at the same time it will reduce competitiveness of Malaysian palm oil in international markets.
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