Soybean futures (Apr) will possibly face resistance near 3710 levels. While ref. soy oil futures (Apr) is likely to face resistance near 745 levels.
On the spot markets,
sluggish trend continued in soy oil and soybean on weak global cues and physical
demand. Surging temperature and hot climate across all India is keeping the edible
oil demand at lower end. March to May is generally low consumption phase for
edible oil and thus that impact the price movement as well. There is still room left
for CPO futures (Mar) to move lower & test 525-522 levels. Malaysian palm oilfutures slid for a sixth consecutive session on Wednesday to their lowest in three
months on pressure from expectations of lower demand in top importer India and
rising domestic production. The benchmark third-month palm oil contract on the
Bursa Malaysia Derivatives Exchange finished down 1.3 per cent at 2,089 ringgit a
tonne. Earlier in the session, the market hit its weakest since mid-December at
2,070 ringgit a tonne. In related oils, Chicago soybean oil was down 0.4pc and the
most-active soyoil contract on the Dalian Commodity Exchange fell 1.3pc. Mustard
futures (Apr) is likely to retest the support again at 3810 levels due to pressure of
new arrivals. New crop arrivals begin in February and gain momentum by March.
Supply remains in full swing till May. In Physical front, the Alwar market was
stagnant at previous day levels at Rs.3935 (vs. 3986 previous session) while Jaipur
market was observed lower by 10 points near Rs.3923 (vs. 3933) per quintal.
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