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Soybean futures (Jan) is expected to trade sideways in the range of 3320-3380 levels. China is getting ready to buy soya meal in a bid to check the growing trade gap between the two countries. However, the resumption of export of soybean Meal from India to China, may take some more time as Chinese GACC team likely to visit during current month from December 9-18 to inspect/approve the units. The downside in mustard futures (Jan) is likely to get extended towards 3950-3930 levels. Mustard seed sowing is likely to complete by this week. Mustard seed acreage is likely to increase this season as compared to last year. The oilseed price in the near term is expected to trade around prevailing level, while long term future outlook will depend on production of next crop. CPO futures (Dec) is likely to take support near 497 levels & trade with an upside bias owing to estimates of lower imports last month. India's palm oil imports probably fell to the lowest level in four months in November after traders in the world’s biggest importer bought less in anticipation of a further decline in prices. Shipments dropped to 697,000 metric tons, down 7.5 percent from October, according to the Bloomberg survey. The country bought 716,968 tons in November last year. The Solvent Extractors Association of India is set to release the numbers in the middle of this month.
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