Soybean futures (Apr) is likely to trade sideways in the range of 3680-3715 levels.
In spot markets, price of soybean are
trading weak owing to absence of any significant soymeal export deals along with strong rupee & restricted crushers' demand.
Uncertainty over the early resolution of the US-China trade dispute has also impacted the sentiments as global prices under
pressure. Soy oil futures (Apr) is likely to witness consolidation in the range of 734-738 levels. The upside may remain capped
owing to cheaper imports due to stronger rupee and lower tariff rate for the second fortnight of March. The government slashed the
base price for import of various edible oils for the current fortnight ending March 31 in view of falling global prices. A cut in base
rate for calculating tax will make edible oil imports cheaper. Similarly, the recovery in CPO futures (Apr) will possibly get limited till
530 levels. The traders of palm oil in the international market have still a bearish outlook, viewing a potential trade war between the
European Union and some of the world’s largest developing nations after the bloc imposed stricter limits on how the crop can be
used in green fuels. In reaction to this, Malaysia has told the European Union (EU) that it will retaliate if the EU continues to
discriminate palm oil. Mustard futures (Apr) is likely to see an upside momentum towards 3750 taking support near 3725 levels. To
shield the fall in prices below the MSP, Nafed plans to procure a large quantity of mustard seed at the minimum support price
(MSP). At present, the central government order to start MSP operations is being awaited.
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