Soybean futures (Feb) is likely to witness consolidation in the range of 3800-3870 levels.
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Soybean output in Madhya Pradesh is seen rising 35.3% to 7.20 mln tn during 2018-19 (Jul-Jun), according to the second advanced estimate shared by an official from the state farm department. On CBOT, Soybean futures closed the Thursday session with most contracts 5 to 5 3/4 cents in negative territory. Meal futures were down $1.10/ton, with soy oil 25 points lower. Following the two-day meeting between US and Chinese trade reps, a White House official stated that China offered to buy 5 MMT of US soybeans. That is not expected to be a single purchase. Export sales for the week of December 20 were reported at 2.391 MMT by the USDA. Mustard futures (Feb) may face resistance near 4020-4040 levels. The upside is expected to remain capped as the market is expecting fresh stocks in the coming couple of weeks. The buyer’s interest shall be minimum for the old crop and any such offloading shall keep the physical prices under bearish tone. Meanwhile, now 2.54 lakh tonnes of balance stocks are available with Nafed & the liquidation will continue in days to come. CPO futures (Feb) is likely to trade sideways in the range of 567-575 levels. Market will likely continue to range here in anticipation of the long holiday. There is also better demand in the palm oil contracts for February and March delivery, supported by higher pricing in Indonesia. Malaysian markets will be closed on Feb. 5-6 for the Lunar New Year celebrations.
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