Soybean futures (Feb) is likely to witness more correction from higher levels & test 3800-3750 levels.
 |
Soybean output in Madhya Pradesh is seen rising 35.3% to 7.20
mln tn during 2018-19 (Jul-Jun), according to the second advanced estimate
shared by an official from the state farm department. On CBOT, Soybean futures
ended the Tuesday session with most contracts 4 to 5 cents lower. Meal futures
were down 40 cents/ton, with soy oil 19 points lower. A Chinese trade delegation
arrived in DC on Monday ahead of this week’s talks. We have just a little over a
month left in the 90-day window before more tariffs would go into effect.
Uncertainty over the talks caused a little pressure. Mustard futures (Feb) may trade
with a downside bias & test 3930 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 567-565 on the lower side if trades below 569 levels.
Malaysian palm oil futures fell over 1 percent on Tuesday, retreating from sevenmonth highs hit the previous session on weakness in Chicago soyoil. The market
participants may trade on a cautious note ahead of the USDA monthly crop
supply/demand report on Feb. 8.
HAPPY TRADING!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment