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Soybean futures (Feb) is looking bullish & can test 3650-3680. The sentiments of the spot markets are firm & weak availability of soy seeds with the crushers and slack demand in palm oil because of intense cold, have further perked up soy oil prices in Indore mandis. Soybean arrivals had dropped significantly in the country due to slow farmers selling at lower rates and they are waiting for appreciation in prices. Mustard futures (Jan) is likely to sideways in the range of 3890-3930 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 expected to trade with a downside bias & witness profit booking facing resistance near 543 levels. While, soy oil futures (Jan) is expected to test the second resistance near 751 levels taking positive cues from the weaker rupee, which is making imports costlier. The MPOB will release production, export and inventory data for December on Thursday. A Reuters poll showed that Malaysian palm oil stocks are expected to rise for a seventh straight month to 3.14 million tonnes, its highest inventory levels since January 2000.
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