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Soybean futures (Dec) is expected to trade with an upside bias in the range of 3385-3450 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. Mustard
futures (Dec) will possibly continue it fall & test 4050-4030 levels. Mustard prices declined further at major markets across Rajasthan on Tuesday as demand continued to remain sluggish against improving Rabi sowing. Mustard seed 42% condition was down Rs.15 at Rs.4,235-4,240/100kg at the Jaipur market. Further, mustard seed sowing in the country in the country which was lagging by 6% as on November 9, staged recovery ahead and stood down by 2% at 43.34 lakh hectares from 44.46 lakh hectare a year ago. The downtrend in CPO futures (Dec) is expected to intact as it can test 495-490 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. The sharp fall in the crude oil prices have also been weighing on CPO.
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