Soybean futures (Mar) is likely to face resistance near 3670 & witness fresh selling from higher levels.
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 for the third consecutive week towards 550 levels due to situation of oversupply in the domestic market. The imports of RBD Palmolein (finished product) have doubled in just two months to almost 275000 in February 2019 from 130,000 tonnes in December 2018 owing to reduction in duty difference from 10% to 5% for Malaysia. Going ahead, the main focus of Malaysianmarket will be on supply side as the February data will be reported by the Malaysian Palm Oil Board on March 11. Mustard futures (Apr) is trading near its one month low & this downtrend is expected to continue till 3800 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 growingregions. 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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