CAPITALSTARS THURSDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 21 FEB 2019

Soybean futures (Mar) is likely to face resistance near 3810 levels.

CapitalStars Investment Adviser

The initial estimates coming from the SoybeanProcessors’ 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 down in the range of 765-771 levels. CPO futures (Mar) is expected to consolidate in the range of 571-577. Malaysian palm oil futures fell to a one-month low on Wednesday with traders expecting a slower than forecast decline in February output. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was down 0.7 percent at 2,245 ringgit ($552.41) a tonne at the close of trade. In other related oils, the Chicago March soybean oil contract was up 0.2 percent, while the May soy oil contract on the DalianCommodity Exchange fell 0.8 percent. Mustard futures (Apr) is likely to consolidate in the range of 3900-3935 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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