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Soybean futures (Dec) is expected to remain stable & trade with a positive bias in the range of 3330-3375. Currently, the sentiments are being hampered by a stronger rupee, but the underlying fundamentals are much stronger due to low carryover stocks from last season. As per the estimates of Soybean Processors Association of India, the carryover stocks for the season started Oct 1 were estimated at 2 lakh tonnes, sharply lower than 13 lakh tonnes a year ago due to a smaller crop in 2017-18 (Jul-Jun). On the demand side, deals have been signed for export of 500,000-600,000 tonnes of soymeal during Oct-Dec compared with actual export of 447,920 tonnes in the year ago period. The trend of mustard futures (Dec) has turned bearish & is expected to plunge towards 3950-3900 levels. The sentiments are not encouraging amid good pace of Rabi sowing followed by slow demand in mustard oil due to higher rates as compared to other competing edible oils. The other negative factor for mustard is ample stocks of around 5.89 lakh tonnes with Nafed from total procured quantity of 8.64 lakh tonnes during the Rabi 2017. The downtrend in CPO futures (Dec) would probably get extended towards 480 levels. The stronger rupee along with higher inventories of palm oil in the international market is lending negative cues to this edible oil. The Indian rupee against has taken a big turnaround by making a monthly high of 69.68 the US dollar. In news, Indonesia government decided to set export levies of crude palm oil (CPO) to zero from the previous USD 50/tonne. This move will reducecompetitiveness of Malaysian palm oil in international markets & also pressurize the prices.
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