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Soybean futures (Jan) may trade higher & test 3390, taking support near 3330 levels. Demand for soybean is said to be good from crushers mainly due to positive crush margin, however they are looking to procure soybean at the lower level. Farmers are giving preference to sell their produce to the crushers directly due to lukewarm buying pace from government agencies in Maharashtra and Rajasthan. Government agencies are buying soybean as per fixed norms, which has forced farmers to sell their crops to private traders and crushers. Mustard futures (Jan) is expected to face resistance near 3970 & the upside may remain capped. There is also ample stocks held by private traders, crushers, farmers, which are likely to be around 6-8 lakh tonnes, which took the total availability around 10-12.4 lakh tonnes, and it is more than sufficient as new crop will start from early February. The weather in most part of mustard producing states is mostly ideal for proper growth and traders see production up by 5% at least against last year in case weather remains favourable till harvest stage. CPO futures (Dec) might witness a consolidation in the range of 500-509 levels. The market participants may trade cautiously as Malaysia, the world's second-largest palm oil producer, is reviewing the duty structure for its exports of the edible oil, according to its minister in charge of agriculture produced for export, to boost demand and reduce burgeoning stockpiles. Palm oil producers in Southeast Asia have been grappling with slow exports as demand has waned on weaker currencies and higher import taxes. The demand slump has caused inventories in Malaysia to build to their highest in nearly 18 years while stockpiles in Indonesia, the world's biggest palm producer, have also climbed.
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