CAPITALSTARS WEDNESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 13 MARCH 2019

Soybean futures (Apr) will possibly break 3650 & descend further to test 3630- 3600 levels. 

CAPITALSTARS INVESTMENT ADVISOR

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. There is still room left for CPO futures (Mar) to move lower & test 525 levels. Malaysian palm oil futures dipped again on Tuesday, losing earlier gains made on rising crude oil prices. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange ended down 0.14 percent at 2,116 ringgit ($518.37) per tonne after peaking at 2,140 ringgit. Prices of the edible oil have fallen 2 percent in the past week on weak demand and high stockpiles in the world's second-largest producer. In related oils, the Chicago May soybean oil contract was up 0.27 percent. The May soyoil contract on the Dalian Commodity Exchange was down nearly 1 percent while the May palm contract slipped 0.3 percent. Mustard futures (Apr) is likely to retest the support again at 3810 levels. Total arrivals in country improved significantly by almost 1 lakh bags to 7.25 lakh bags vs. 6.25 lakh bags reported previous day in which Rajasthan accounted for 2.70 lakh bags, MP accounting for 70,000 bags, UP at 1.50 Lakh bags, Haryana and Punjab at 20,000 bags, Gujarat at 45,000 bags, while other states contributing for 70,000 bags.

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