Soybean futures (May) is giving a lower closing since past two weeks & hence the short covering may face resistance near 3740 levels.
The market participants are turning more bearish in this oilseed due to hopes of higher production in 2019-20
(Jul-Jun) following forecast of "near normal" monsoon. Secondly, the decline in soybean prices on Chicago Board of Trade is
weighing on sentiments. The two countries have tentatively scheduled a fresh round of face-to-face trade talks, with negotiators
aiming to hold a signing ceremony in late May or early June. Mustard futures (May) is likely to face resistance near 3810 & the
upside may remain capped. The absence of demand for mustard meal from China & sluggish buying by NAFED is weighing on the
sentiments. Soy oil futures (May) is likely trade sideways in the range of 740-748 levels. On the spot markets, weak availability and
improved demand lifted soy oil. CPO futures (May) will remain trapped in the range of 542-547 levels. The rising vegetable oilimports are creating a supply pressure & have forced the oilseed crushing units and edible oil refineries to reduce their operating
capacity steadily to below the sustainable level of 30%. There is less demand for the domestically produced oils, since the
imported refined oil is cheaper. The share of refined oil in the overall import in March has sequentially risen steadily to & with profit
margins narrowing for processing of CPO in domestic refineries, Indian processing units are focusing on import of more refined oilthan crude oil.
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