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Soybean futures (Feb) is likely to trade in the range of 3640-3760 with bullish bias.
Weaker global market and surplus stocks with the crushers shall keep the short to
medium term sentiment on bearish note. However, demand from Iran and China
for Indian soya meal and Indian Rupee discounting against dollar might cap any
strong fall Recently, Iranian market has opened up for Indian soybean meal with
favorable factor is rupee transactions. On the contrary, the outlook for mustard
futures (Feb) is bleak & the downside may get extended towards 3800 levels.
Weather condition till now was observed favorable in major rapeseed growing area
and the same shall support good yield prospects this year. With increase in acreage
by around 2%, one might observe rapeseed production to hover near 66 lakh tons
this year vs 63.8 lakh tons observed a year earlier. CPO futures (Jan) may trade in
the range of 541-547. As per latest release of Solvent Extraction of Indian (SEA),
Vegetable Oils (edible & non-edible) imports during December 2018 is estimated
higher by 11% at 1,211,164 tons compared to 1,088,783 tons in December 2017.
Malaysian palm oil futures retained their gains on Tuesday even exports rose at a
slower pace. A stronger Ringgit also capped gains. Ref. soy oil futures (Feb) is
expected to gain & test 758 levels on account of lower soy oil import & uptrend in
US soyoil futures. Soy oil imports fell almost by 58% on monthly basis to 85
thousand tons in Dec’18 from 2.03 lakh tons imported during Nov’18.
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