The bullish trend of soybean futures (Feb) is likely to get dimmed as it might witness profit facing resistance near 3900 levels.
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There are talks that Iranian stateowned animal feed importer SLAL had last week issued international tenders to
purchase 2 lakh tonnes of soymeal, to be submitted by Jan 22. The Indian market
was earlier expecting that due to UN sanctions on Iran's banking and trade finance,
no international firm will bid for it and as a result Indian firms will finally export the
required quantity as Iran uses the rupees it receives for its crude exports to cover
its animal feed demand amid US sanctions that have crimped the country's ability
to import necessities. However as per market sources, an international trading
firm has bid for 1.32 lakh tonnes of soymeal at Euro 377CNF Iranian port for
March/April Shipment. This soymeal is of Brazil origin. Hence, if deal from Iran does
not materializes then price for soymeal and soybean may fall further. Mustard
futures (Feb) may face resistance near 4020 levels. The upside is expected to
remain capped as the market is expecting fresh stocks in the coming couple of
weeks. The buyer’s interest shall be minimum for the old crop and any such
offloading shall keep the physical prices under bearish tone. Meanwhile, now 2.54
lakh tonnes of balance stocks are available with Nafed & the liquidation will
continue in days to come. CPO futures (Feb) is likely to face resistance near 570-
572 levels & trade with a negative bias owing to profit booking. Moreover, higher
imports of palm oil to India may exert a supply pressure over the counter.
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