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Soybean futures (Dec) is expected to trade with a downside bias & may even plunge towards 3300-3290 levels. On the spot markets, Soybean (as per quality) moved down by Rs.50 at Rs.3,100-3,200/100kg at the benchmark Indore market. Soymeal also fell by Rs.300 to trade at Rs.27,500 per tonne. Domestic soybean prices were under pressure due to concerns that China may not open soymeal exports from India after trade truce between U.S. and China. In international market, U.S. soybean futures edged lower for the first time in four sessions on Wednesday amid fears of a prolonged trade war between Washington and China. Mustard futures (Jan) is expected to trade sideways in the range of 3980-4040 levels with upside getting capped. It is reported that crushing has declined in the absence of any fresh deal for mustard meal exports from China. Beijing had allowed imports of Indian mustard meal in October, sending a wave of optimism in the Indian oilmeal market. However, neither has any deal been signed so far, nor is there any enthusiasm in this regard from China, traders said. CPO futures (Dec) would probably witness a consolidation in the range of 483-495 levels. In news, Indonesia government on Tuesday okayed a proposal to cut is palm oil export levy to zero with immediate effect. With issuance of regulation by the Indonesia's finance ministry yesterday, the policy has come into effect, as per sources. Under the new policy, reference price of CPO is taken as USD 570 per tonne. If price remains below USD 570 per tonne, CPO,RBD palm olien and RBD palm oil will attract zero percent export levies.
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