The current month contract of soyabean futures has given a lower closing compared to the previous week.
Such a scenario is depicting that the market participants are cautious creating fresh long positions at higher levels. In days to come, there is anticipation that the counter may witness selling pressure & the counter may go down to test 3745. Fundamentally, the uptrend has been stalled by the projections of 35% higher output to 7.20 million tons during 2018-19 (Jul-Jun) in Madhya Pradesh. In the global market, the traders would be staying cautious to take conclusions from the USDA’s final report on 2018 crop production & monthly crop supply/demand report on Feb. 8, which were delayed by the partial U.S. government shutdown that ended last week. The recovery seen in mustard futures (Feb) seems to be temporary and may face resistance near 4020 levels. The continuous offloading of old stocks by traders and government agencies are continuously building selling pressure on physical markets. The left-over stock with NAFED is now close to 2.18 lakh tons. Additionally, the recent rain and less foggy days are proving to be beneficial for the mustard crop & raising the prospects of higher output this season. CPO futures (Feb) has been witnessing one sided rally for the past five weeks & may remain stable in the range of 560-570 levels. Palm oil on Bursa Malaysia Derivatives is seen taking positive cues soy oil on CBOT trading at highest level in more than seven months amid reports of dry weather in South America and renewed optimism about US-China trade relations.
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