CAPITALSTARS TUESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 19 FEB 2019

Soybean futures (Mar) is likely to face resistance near 3800-3815 levels.

CapitalStars Investment Adviser

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 higher toward 773 levels taking positive cues from the international market. U.S soy oil prices are stable on the news that the U.S National Oilseed Processors Association reported a record crush for the month of January of 171.6 million bushels. Soyoil stocks in the country were up slightly on the month, but about 10 per cent lower than the supplies on hand at the same point the previous year. CPO futures (Mar) is expected to rise to test 578 levels. Malaysian palm oil futures edged higher during Monday trade, charting a second session of gains in three days, bolstered by strength in related edible oils and expected weaker output. Palm oil production usually declines during the first quarter of the year in line with seasonal trends. Monthly output in February is also expected to fall from the previous month because there are fewer working days. 

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