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Soybean futures (Jan) is expected to witness a consolidation in the range of 3370-3435 levels. Soybean traded firm at major spot markets across the country on some good buying from crushers and good domestic and export demand for soybean meal. Spot soybean edged up by Rs.25 to Rs.3,200-3,350/100kg at the benchmark Indore market. Plant rates were also higher by Rs.15 to Rs.3,475. India soybean tentative rates (CNF-Rotterdam) are available at $423 per tonne against Argentine origin at $366 per tonne. Soybean arrivals had dropped significantly in the country due to slow farmers selling at lower rates and they are waiting for appreciation in prices. Mustard futures (Jan) is expected to trade sideways in the range of 3900-3950 levels. Mustard seed prices gained further in the spot markets across Rajasthan helped by some revival in demand for mustard oil and mustard cake. Mustard seed 42% condition was priced Rs.15 higher to Rs.4,115- 4,120/100kg, while mustard oil (Kachi Ghani) was traded up by Rs.2 to Rs.811- 812/10kg. Mustard seed cake also rose by Rs.10 to Rs.1,845-1,850/100kg. CPO futures (Jan) will possibly continue to remain in the recover mode towards 515-517 taking support near 505 levels, while soy oil futures (Jan) is likely to test 735 levels. It is reported that India has reduced the duty on crude and Refined palm oil to nor commitments made in a free trade agreement between India and Malaysia. Therefore Duty reduction in Crude Palm oil is 4% and Refined Palm oil is 9%. The government reduced the customs duty on Crude Palm Oil 40% and Refined Palm Oil to 45% vide notification 84/2018 Customs dated 31-12-2018. C certificate of Malaysian Origin is required to avail the duty concessions.
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