Soybean futures (Mar) may test 3650 levels on the downside.
In 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 757 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 550-555 levels. Malaysian palm oil futures dropped over 1 percent at the close of trade on Tuesday, hitting their lowest levels in nearly six weeks, pressured by weaker soyoil prices and a forecast that February palm output will be higher than usual. The Chicago March soybean oil contract was last down 1 percent, as the rapidly advancing harvest in top exporter Brazil boosts global supplies. Mustard futures (Apr) is expected to remain below 3890 levels as the upside may remain capped owing to reports of higher production. India's mustard output in 2018-19 (Jul-Jun) is estimated at 8.5 mln tn, up 19% on year owing to better yield and favourable weather conditions according to Solvent Extractors Association of India.
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