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Soybean futures (Jan) is expected to witness a consolidation in the range of 3340-3375 levels. The market participants are looking for accumulation of this oilseed as the demand for soybean is said to be good from crushers mainly due to positive crush margin of Rs.791 per ton. On contrary, Indian soymeal being costlier by $100 a ton in the overseas market & news of soybean export contracts over 1 lakh ton getting cancelled from India due to fluctuation in rupee against dollar is acting as a deterrent factor. In the international market, traders are still waiting on any news of new Chinese purchases, with USDA not able to report large daily purchases due to the partial government shutdown. The U.S. Department of Agriculture's weekly export sales report has been postponed indefinitely. Mustard futures (Jan) is on the verge of break the major support near 3900 & dropping further towards 3875-3850 levels. Factors such as ample mustard stocks, good sowing pace and poor demand are seen weighing on the counter. This Rabi season, there are expectations that acreage under the crop is expected to be 8-10% higher as a large number of farmers have switched from cultivating mustard to lentils due to drought. CPO futures (Jan) will possibly continue to remain in the recover mode taking support near 503 levels, while soy oil futures (Jan) is likely to take support near 720 levels, with downside getting capped. The market participants are expecting that India under the MICECA agreement with a threshold limit & to become effective January 1, 2019 will soon have to reduce the rate of customs duty on edible oils.
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