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The trend of soybean futures (Feb) is bullish & hence lower level buying is advised
eyeing a target of 3700 levels. Recently, Iranian market has opened up for Indian
soybean meal with favourable factor is rupee transactions. Iran has revised its
payment mechanism for trading partners such as India, and accepts payments in
rupees as well as uses the same fund to pay to India for its imports. On the
contrary, the outlook for mustard futures (Feb) is bleak & the downside may get
extended towards 3800 levels. The selling may get intensified as the new crop is
expected to hit the spot markets soon. Meanwhile, the demand side may remain
dull on reports that the export of rapeseed meal to China is unlikely to resume
during current financial year as procedure for registration with MoA, China is too
cumbersome, lengthy and time consuming to complete all formalities. In days to
come, more upside towards 550 levels can be seen in CPO futures (Jan) on the
back of a weaker rupee, making imports costlier. However, investors are advised to
proceed with caution as the fundamentals of palm oil in the international market
have turned bearish after the Malaysian Palm Oil Board reported that Malaysia's
palm oil stockpiles at the end of December rose to 3.22 million tonnes, up 6.9
percent from previous month. Ref. soy oil futures (Feb) is expected to gain & test
760 levels on account of rising soybean prices & positive gross crush margin of
Rs.1,116 per ton. The rising open interest since past few weeks is also injecting
optimism that prices of edible oils would gain grounds in days to come.
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