The bullish trend of soybean futures (Feb) is likely to get dimmed as it might witness profit facing resistance near 3900-3915 levels.
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It is reported that Nafed will
commence sale of PSS Soybean Kharif 2018 in State of Rajasthan, Telangana,
Maharashtra & Karnataka procured under Price Support Scheme of Govt. of India
w.e.f. 28.01.2019. On the spot markets, the rally in soy oil and soybean continued
amid declining arrivals and weak availability of soybean seeds with crushers. Soy
refined rose to Rs.780-82 for 10 kg, while soy solvent rose to Rs.745-50. Soybean
in the physical market rose to Rs.3,850-3,900 a quintal. Mustard futures (Feb) may
face resistance near 4020 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 test 580-582 levels on the higher side. Malaysian palm oil
futures opened at their highest in nearly seven months on Monday, notching up a
sixth session of gains in seven, supported by strength in related edible oils. The
benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives
Exchange closed 1.7 percent higher at 2,333 ringgit.
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