Soybean futures (Apr) is likely to witness selling pressure & move lower to test 3650, facing resistance near 3730 levels.
While ref. soy oil futures (Apr) is likely to
decline towards 730 levels. On the spot markets, sluggish trend continued in soy oil
and soybean on weak global cues and physical demand with soy refined quoted at
Rs.772-75 for 10 kg, while soy solvent ruled at Rs.740-45. Soybean also traded low
at Rs.3,700-3,750 a quintal. There is still room left for CPO futures (Mar) to move
lower & test 525 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.
Malaysian palm oil futures edged lower on Monday after government data showed
a higher than expected build up in stocks of the edible oil. Data from the Malaysian
Palm Oil Board (MPOB) showed February palm oil exports fell 21.4 percent month
on month to 1.32 million tonnes and output declined 11.1 percent to 1.54 million
tonnes. Stocks rose 1.3 percent to 3.04 million tonnes, higher than expected. The
recovery seen in mustard futures (Apr) is likely to trade sideways in the range of
3825-3855 levels. The sentiments are positive owing 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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