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Soybean futures (Feb) is likely to trade with an upside bias in the range of 3580-3610. The sentiments of the spot markets are firm & weak availability of soy seeds with the crushers and slack demand in palm oil because of intense cold, have further perked up soy oil prices in Indore mandis. 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 likely to plunge towards 3840 levels on account of selling pressure & outlook of good crop this season. The acreage is recorded higher this year with total sowing till 4th Jan staying near 66.42 Lakh ha vs 64.99 Lakh ha sown previous year during similar time frame. CPO futures (Jan) is expected to trade with a downside bias & witness profit booking facing resistance near 543 levels. While, soy oil futures (Jan) is expected to remain below the resistance near 751 levels takng negative cues from the international market. Malaysian palm oil futures declined at their sharpest daily rate in two weeks by the end of trade on Thursday, snapping two sessions of gains, on bearish official data on December inventories, production and exports. U.S. soybean futures dropped nearly 2 percent on Thursday, the steepest slide since Nov. 26,
reversing a week of gains due to a lack new purchases by China following trade talks with the United States.
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