Soybean futures (Mar) may test 3580-3560 levels on the downside
In physicalmarket, demand from most of the millers and crushers remained subdued after the
prices started hovering above the levels of Rs.3800 per quintal. Further, this oilseedis being imported mainly from some least-developed African countries which India
has signed treaties for concessional or duty-free imports. The landed cost of
imported soybean is Rs.3,500 per quintal. Ref. soy oil futures (Mar) is expected to
consolidate in the range of 753-760 levels. On the spot markets, Soy oil and bean
traded low due to weak demand with soy refined being quoted at Rs.775-Rs.780
for 10 kg, while soy solvent ruled at Rs.740-Rs.745. CPO futures (Mar) is expected
to trade sideways & consolidate in the range of 547-555 levels. Malaysian palm oil
futures recorded a fifth straight day of losses on Thursday, hitting their lowest in
two months, as exports weakened and inventories remained high. Palm’s
fundamentals are still in play, exports are weak and stocks are high. February data
will be reported by the Malaysian Palm Oil Board on March 11. In other related oils,
the Chicago March soybean oil contract was last up 0.3 percent. Mustard futures
(Apr) is expected to plunge towards 3800 levels as the upside may remain capped
owing to reports of higher production. India's mustard output in 2018-19 (Jul-Jun)
is estimated at 8.5 mln tn, up 19% on year owing to better yield and favourable
weather conditions according to Solvent Extractors Association of India.
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