Soybean futures (Feb) is likely to trade in the range of 3620-3740 with bearish bias.
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Weaker global market and surplus stocks with the crushers and lower export of soy
product shall keep the short to medium term sentiment on bearish note. Exports of
soybean meal and other value-added products from soybean recorded a decline of
2.3 per cent at 6.74 lakh tonnes for the first quarter (October to September) of the
current oil year 2018-19 as against 6.90 lakh tonnes in the same period last year.
The outlook for mustard futures (Feb) is bleak & the downside may get extended
towards 3800 levels. Weather condition till now was observed favorable in major
rapeseed growing area and the same shall support good yield prospects this year.
With increase in acreage by around 2%, one might observe rapeseed production to
hover near 66 lakh tons this year vs 63.8 lakh tons observed a year earlier. CPO
futures (Jan) may trade in the range of 541-547. As per latest release of Solvent
Extraction of Indian (SEA), Vegetable Oils (edible & non-edible) imports during
December 2018 is estimated higher by 11% at 1,211,164 tons compared to
1,088,783 tons in December 2017. Malaysian palm oil futures ended in the red on
Wednesday, tracking overnight losses in US soyoil and lower than expected decline
in production. Ref. soy oil futures (Feb) is expected to gain & test 758 levels on
account of lower soy oil import. Soy oil imports fell almost by 58% on monthly basis
to 85 thousand tons in Dec’18 from 2.03 lakh tons imported during Nov’18.
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