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Soybean futures (Jan) is expected to consolidate in the range of 3330-3370 levels. Spot soybean gained further at major markets across the country on Tuesday due to good buying interest from crushers, stockists and traders amid steady futures. Spot soybean (as per quality) gained by Rs.50 at Rs.3,200-3,400/100kg at the benchmark Indore market of Madhya Pradesh. Similarly, plant delivery soybean in Indore was flat at Rs.3,450/100kg. Soymeal, however quoted down by Rs.200 at Rs.27,300 per tonne. Mustard futures (Jan) is expected to trade sideways to down in the range of 3920-3980 levels. Mustard seed traded down for second straight day on Tuesday due to lacklustre demand. Mustard seed 42% condition was down by Rs.20 at Rs.4,180-4,185/100kg at the benchmark Jaipur market. Similarly, mustard oil slipped by Rs.3 to trade at Rs.820-821/10kg. Likewise, mustard cake fell as much as Rs.15 at Rs.1,890-1,895/100kg. CPO futures (Dec) is trade higher & test 520 levels. Malaysian palm oil futures managed to end the first session of trade Tuesday on a positive note as expectations of rise in demand ahead offset the downward pressure coming from weak US soyoil and crude. Exports for the full month of December could be up due to China's Lunar New Year demand. Palm oil demand from China typically rises ahead of its Lunar New Year celebrations, taking place in early February next year, for cooking purposes. Meanwhile, the U.S. soyoil stocks declined for a seventh straight month, the National Oilseed Processors Association (NOPA) said on Monday. Soybean oil stocks fell to 1.484 billion pounds as of Nov. 30, down from 1.503 billion at the end of October but above the 1.326 billion pounds in storage at the same point last year.
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