A consolidation can be seen in soybean futures (Apr) in the bandwidth of 3650-3710 levels.
CAPITALSTARS INVESTMENT ADVISOR
The spread between
mustard seed and soybean has dropped significantly in last couple of weeks, making mustard seed more preferential to purchase.
During the start of the second week of this month, mustard seed prices were on premium of Rs.225 per quintal compared to
soybean price & now it is reduced to Rs.90 per quintal due to surplus mustard stock arrivals, thus making it more attractive oilseed
commodity for the buyers. We may see more correction in soy oil futures (Apr) as it can run down to 725 levels. Being a price taker
from the international market, it is following the bearish trend of soy oil on CBOT, trading near its two month low of 28.82 cents per
pound. In days to come, more selling more may be seen in CPO futures (Apr) & if it breaks the support at 524, then 520 will be
achieved. This edible oil counter is facing a double whammy of rising inventories in the international market & promotion of ‘palm
oil free’ certification in the world food market, hurting its demand. Mustard futures (Apr) is expected to trade with an upside bias
towards 3770 levels, taking support in the range of 3735 levels. The demand from crushers at current price levels is likely to
improve, as the crush margin pace has gone up. In news, The Haryana State Co-operative Supply and Marketing Federation
Limited (HAFED) has decided to procure mustard crop directly from farmers from March 28 to May 10 limiting the role of
commission agents (arthiyas) in grain markets.
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