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Soybean futures (Feb) is expected to take support near 3475 levels & trade with an upside bias. 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. Soybean seeds traded higher at ₹3,350-3,400 a quintal on weak availability, while plant deliveries of soybean quoted at ₹3,350- 3375 a quintal. Mustard futures (Jan) is likely to take support near 3900 & move higher to test 3960 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 trading near its 4-weeks high on the national bourse & in days to come we can see more upside of 540, as it has surpassed the resistance near 533 levels. While, soy oil futures (Jan) is expected to test 745 levels. Once again, the weakening rupee has come into the picture making imports costlier. In news, Indonesia's Nov. palm oil stockpiles drop to 3.89 mmt from 4.4 mmt tons in October. a fall of 11% month on month.
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