CAPITALSTARS THRUSDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 07 MARCH 2019

Soybean futures (Mar) is likely to face resistance near 3725 & the upside may remain capped

                      CAPITALSTARS INVESTMENT ADVISOR

In the present scenario, the South America meal prices are at much cheaper rate compared to Indian soymeal, hence the export demand for Indian origin meal is likely to remain down in coming weeks. The same shall continue to pressurize domestic market sentiments in coming sessions. CPO futures (Mar) may witness a decline towards 542 levels due to situation of oversupply in the domestic market. Malaysian palm oil futures eased on Wednesday evening on bearish price and production forecasts at an industry conference in Kuala Lumpur. Industry data from a millers association showing rising production in the first five days of March also weighed on the market. The May soyoil contract on the Dalian CommodityExchange declined 0.2 percent and the Dalian May palm oil contract rose 0.4 percent. Going ahead, the main focus of Malaysian market will be on supply side as the February data will be reported by the Malaysian Palm Oil Board on March 11. The short covering of mustard futures (Apr) is expected to face resistance near 3845 levels. India's mustard output in 2018-19 (Jul-Jun) is estimated at 85 lakh tons, up 19% on year. This season yield is also good due to supportive weather conditions in key growing regions. The yield is likely to be around 1,281 kg/ha against 1,120 kg/ha on 63.93 lakh hectares last year. Fresh arrivals of mustard crop have already started in some parts of Rajasthan. According to the trade bodies, so far, about 20-25 per cent of the overall crop has been harvested and the entire harvest is expected to be completed in the next 3-4 weeks. 

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