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Soybean futures (Jan) may witness consolidation in the range of 3310-3350. Soybean prices at the benchmark Indore market ruled firm on some good buying interest from crushers amid optimism of better soymeal exports. Spot soybean was higher at Rs 3,200-3,325/100kg versus 3,150-3,300 on previous session. On the other hand, soybean plant rates in Indore were mostly flat at Rs 3,440. e current disparity is slightly uncompetitive for overseas buyers, but since Indian origin soymeal is Non-GMO they may opt to buy. The demand for meal will improve in case the spread between the two recedes to $25-40 per tonne. Mustard futures (Jan) is expected to break the support near 3900 & fall further towards 3850-3830. 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. There are chances that CPO futures (Dec) might breach the support near 503 & plunge to test 500-498. Malaysian palm oil futures closed lower for a third straight session on Monday on bearish sentiment over rising production, and tracking overnight losses in U.S. soyoil and crude oil prices. Oil prices plunged more than 6 percent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market.
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