Soybean futures (Apr) is likely to witness selling pressure & move lower to test 3650, facing resistance near 3752 levels.
The South America meal prices are at
much cheaper rate compared to Indian soymeal, demand for Indian origin meal is
likely to remain down in coming weeks. Moreover, due to outbreak of African Swine
Fever (ASF) in Vietnam, the import demand from the country shall remain on
subdued note. The overall signals of weak Indian meal demand shall continue to
pressurize domestic market sentiments in coming sessions. On the global front,
U.S soybean is expected to trade with a bearish bias for the third consecutive week
towards $8.80 per bushel. China’s soybean imports in February fell to their lowest
of 4.46 million tonnes monthly level in four years, as buying slowed amid
uncertainties over trade relations with the United States and flat demand for
soymeal. There is still room left for CPO futures (Mar) to move lower & test 535-530
levels. The reason being, at an industry conference in Malaysia there was a
consensus forecast of bearish palm oil outlook amid sluggish growth in global
output and higher drawdowns in reserves as biodiesel consumption rises. The
market participants are anxiously waiting for MPOB report, scheduled to release
Monday, i.e 11th of March, which shall provide further clarity to market sentiments.
The recovery seen in mustard futures (Apr) is likely to continue as it has the
potential to test 3870 levels. The sentiments are bullish due to upbeat demand
from mustard meal exporters leading to boosting crushing operations. It is being
projected that estimates of a bigger crop this year and the peak arrival season may
ramp up crushing in the coming months.
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