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Soybean futures (Feb) is looking bullish & can test 3650-3700. 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 3935 & move higher to test 3960-3970 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 expected to trade with a downside
bias & witness profit booking facing resistance near 540 levels. While, soy oil
futures (Jan) is expected to face resistance near 745 levels. The MPOB will release
production, export and inventory data for December on Thursday. A Reuters poll
showed that Malaysian palm oil stocks are expected to rise for a seventh straight
month to 3.14 million tonnes, its highest inventory levels since January 2000.
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