Soybean futures (Feb) is likely to witness consolidation in the range of 3815-3915 levels.
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Soybean output in Madhya Pradesh is seen rising 35.3% to 7.20 mln tn
during 2018-19 (Jul-Jun), according to the second advanced estimate shared by an
official from the state farm department. Soybean futures settled Wednesday with
most contracts 2 to 2 1/4 cents in the green. Meal futures were down 70 cents/ton,
with soy oil 31 points higher. USDA will release the Fats & Oils report delayed from
January on Feb. 4, with the February report released on Feb. 22.Mar 19 Soybeans
closed at $9.21, up 2 cents. Mustard futures (Feb) may face resistance near 4020-
4040 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 trade
sideways in the range of 570-580 levels. Malaysian palm oil futures rose on
Wednesday, recovering from their largest fall in two weeks in the previous session,
as expectations of better export data lifted market sentiment. The market
participants will watch the following these data today, Cargo surveyor AmSpec
releases Malaysia's Jan 1-31 palm oil export data, Cargo surveyor SGS releases
Malaysia's Jan 1-31 palm oil export data, Cargo surveyor ITS releases Malaysia's
Jan 1-31 palm oil export data on Jan 31.
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