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Soybean futures (Jan) is expected to consolidate in the range of 3340-3390 levels. Spot soybean was (as per quality) at Rs.3,150-3,300/100kg at the benchmark Indore market versus Rs.3,200-3,400. Plant rates in Indore were unchanged at Rs.3,400. Soybean meal also traded flat at Rs.27,300 per tonne with refined soy oil was available at Rs.740/10kg. Soybean meal demand was good in recent weeks not only domestically, but internationally also as prices were competitive in the international market. Mustard futures (Jan) is expected to trade sideways in the range of 3985-40005 levels. Mustard seed 42% condition declined further by Rs.10 at Rs.4,170-4,175/100kg at the benchmark Jaipur market. Similarly, mustard oil (Kachi Ghani) slipped by Rs.3 to trade at Rs.817-818/10kg. Likewise, mustard cake fell as much as Rs.5 at Rs.1,885-1,890/100kg. CPO futures (Dec) is trade higher & test 525 levels taking positive cues from the international market. Malaysian palm oil futures extended their early gains in the second session of trade on Wednesday, supported by gains in US soy complex and on expectations of declining production and rise in demand. The March benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 43 at Ringgit 2,198 per tonne by the close. Moreover, higher biodiesel mandates in top palm producers Indonesia and Malaysia are also raising hopes that demand for the edible oil will increase, helping to absorb a glut that had pushed prices down 18 percent this year.
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