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Soybean futures (Jan) is expected to trade higher & test 3510, if surpasses 3480
levels. Soybean traded firm at major spot markets across the country on some
good buying from crushers and good domestic and export demand for soybean
meal. Soybean arrivals had dropped significantly in the country due to slow farmers
selling at lower rates and they are waiting for appreciation in prices. On CBOT, U.S.
soybean futures traded near two-week highs on the prospect of declining yields in
top producer Brazil due to scarce rains. Dry weather and high temperatures are
also accelerating the soybean cycle, leading some growers to anticipate harvesting
even at the risk of lowering yields. Mustard futures (Jan) is expected to take
support near 3910 & trade higher to test 3975 levels. Mustard oil mills across the
country crushed 550,000 tn of the oilseed in December, up 29.4% on year,
according to data compiled by Mustard Oil Producers Association of India. On a
month-on-month basis, crushing increased 22.2% from 450,000 tn in November.
CPO futures (Jan) will possibly continue to trade bullish & test 534 levels, while soy
oil futures (Jan) is likely to test 745 levels. Malaysian palm oil futures rose to their
highest in nearly two weeks at the midday break of the first trading day of 2019,
after world's largest edible oil importer India announced import tax cuts, amid
expectations of a fall in production. In other related oils, the January soybean oil
contract on the Dalian Commodity Exchange rose 1 percent and the Dalian January
palm oil contract gained 2.3 percent. Palm oil prices are impacted by changes in
soyoil prices, as they compete for a share in the global vegetable oil market.
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