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Since past two weeks, soybean prices on the domestic bourse have shown a decent upside on the back of slow farmers selling on the spot markets. Going ahead, the forward month contract (Feb) is expected to take support near 3450 levels & trade with an upside bias. Soybean arrivals had dropped significantly in the country due to slow farmers selling at lower rates and they are waiting for appreciation in prices. Soybean outlook in the domestic market seems to be steady to positive due to prospects of better meal exports this FY 2018-19 followed by good domestic demand. According to market participants Iran, missing from the list of major buyers of Indian soymeal for years, may end up buying a significant quantity from India in 2018-19 (Oct-Sep) & may become one of the largest buyers of Indian soymeal this year. Mustard futures (Jan) is likely to witness a lower level buying near 3880 & move higher to test 3930 levels. The sentiments are positive due to improved demand from oil millers and mustard meal exporters. However, it is advised to keep a cautious approach as the stocks with farmers, processors, stockists and state-run agencies as on 31st Dec were estimated around 9.5 lakh tonnes & the new crop arrivals will begin in February and gain momentum by March. CPO futures (Jan) is trading near its 4-weeks high on the national bourse & in days to come we can see more upside of 535-540, is surpasses the resistance near 533 levels. While, soy oil futures (Jan) is expected to surpass the resistance near 735 & test 740 levels. Once again, the weakening rupee has come into the picture making imports costlier.
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