Soybean futures (Mar) is likely to fall further to test 3705 levels.
The initial
estimates coming from the Soybean Processors’ Association (SOPA) shows that in
the upcoming Kharif season output is likely to rise by a staggering 38% on a sharp
increase in average yield across the country. India’s soybean output at 11.48
million tonnes this year compared to 8.3 million tonnes in the previous year on
favourable climatic condition. This increase in production is being attributed to the
major producing state in Madhya Pradesh wherein the yield is estimated to rise by
30.5% to 1,094 kg per ha for the current season from 838 kg from the previous
season. The survey also highlighted that in Maharashtra output is estimated to rise
by 32% to 3.84 million tonnes for this year from 2.91 million ha last year. Soy oil
futures (Mar) is expected to trade sideways to up taking support near 765 levels.
CPO futures (Mar) is expected to consolidate in the range of 569-575. Malaysian
palm oil futures recovered from a one-month low on Thursday, tracking strength in
U.S. soyoil and snapping two sessions of declines. In other related oils, the Chicago
March soybean oil contract from 29.90 to 30.66 cents, almost a jump of 3%.
Mustard futures (Apr) is likely to trade with a downside bias & test 3850 levels.
Amid weakness in prices in the spot markets, the market participants are avoiding
taking long positions. With likely increase in new crop arrivals pressure in next
couple of weeks, mustard prices are likely to reel under pressure.
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