Soybean futures (Mar) may break the support near 3705 & test 3650 levels
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. Ref. soy oil futures (Mar) is expected to test 761 levels on the downside. 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 563-568 levels. Malaysian palm oil futures fell to a one-month low late on Monday, charting a second consecutive session of declines weighed down by expectations of weaker demand and stronger than expected output levels in the coming weeks. The market was under pressure from a stronger ringgit, which usually makes the edible oil more expensive for foreign buyers. 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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