Soybean futures (Apr) is likely to trade with a negative bias & move downwards to 3715&3725 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 731&736 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. CPO futures (Apr) will possibly consolidate in the range of
523&529 levels. Malaysian palm oil futures fell down 0.4 percent at 2,132 ringgit ($523.83) a tonne for a third consecutive session
on Tuesday on expectations of higher output in March. In other related oils, the Chicago May soybean oil contract fell 0.1 percent,
while the May soyoil contract on the Dalian Commodity Exchange dipped 0.4 percent. The Dalian May palm oil contract was also
down 0.1 percent. Mustard futures (Apr) is likely to see an upside momentum & test 3765 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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