CAPITALSTARS MONDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 25 FEB 2019

Soybean futures (Mar) may witness sell on rise from 3775 & go down to test 3650 levels. 

          CapitalStars Investment Adviser.        

Physical market, 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 oilseed is 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. A contra movement with an upside bias can be seen soy oil futures (Mar) in the range of 765-770 levels taking positive cues from the international market. On CBOT, the U.S soy oil is taking support near 29.65 cents per pound & fundamentally the market participants are getting optimistic that demand may rise as progress is reportedly being made between the US and China with reports showing the two countries developing several Memorandum of Understandings. CPO futures (Mar) is expected to trade sideways & consolidate in the range of 563-568 levels. The palm oil on the Bursa Malaysia Derivatives is giving mixed cues to the domestic prices as it is trapped in the range of 2230-2350 MYR/ton. In the present scenario on the supply side, the market participants are expecting that the output in February may decline slower than forecast. The downtrend in mustard futures (Apr) may get extended towards 3850-3830 levels owing to pressure of arrivals from fresh crop on the spot markets. The new crop has started trickling into some spot markets in southern Rajasthan and arrivals would begin in full swing from March and then shrink from June.

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