CAPITALSTARS MONDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 15 APRIL 2019

Soybean futures (May) may consolidate in the range of 3760-3795 levels.

 CAPITALSTARS INVESTMENT ADVISOR

Soybean Processors' Association (SOPA) has estimated total availability of soybean in the country as on March 31 in the year 2018-19 (October-September) at 117.83 lakh ton, including 1.50 lakh ton of carry-over stock, 114.83 lakh ton of production and 1.50 lakh ton of imports. Out of total availability, soybean crushed volumes were at 92 lakh ton. While the total availability of soymeal during the same period was at 74.71 lakh ton, including 74.52 lakh ton of production and 0.19 lakh ton of carry-over stocks. Out of total supply, 20 lakh ton were exported. Lower level buying in mustard futures (May) may lift the counter to 3850, maintaining support near 3760 levels. It is reported that Nafed is planning to buy 20 lakh tonnes of mustard and 15-20 lakh tonnes of pulses in the ongoing Rabi harvesting season at the minimum support price (MSP). Moreover, mustard arrivals pace is usually at its peak in March and slowly starts diminishing from April month onwards. Decline in arrivals pace shall resist any significant fall in coming weeks. Soy oil futures (May) is expected to consolidate & remain stable in the range of 720-725 levels. The softness in domestic soybean prices & a sideways trend prevailing in the U.S soy oil futures may keep a lid over the gains. CPO futures (Apr) will probably hove range bound within 530-538 levels. The market participants of the international market are optimistic on rising demand for palm oil after China has struck a deal with Malaysia to resume the East Coast Rail Link project.

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