CAPITALSTARS THRUSDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 11 APRIL 2019

Soybean futures (May) is expected to consolidate in the range of 3750-3800 levels

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As per market sources, India has recently imported one vessel of soymeal from Argentina and is expecting another in coming couple of days. These meal vessels would be directly re-exported to Iran in next few days. India, for the first time has imported soymeal from some other nation to reexport to other. One vessel quantity is aprox-40 thousand tons. CPO futures (Apr) is expected to trade sideways in the range of 532-540 levels. Malaysian palm oil futures fell more than 2 percent to a one-week low in evening trade on Wednesday as an official data release from the Malaysian Palm Oil Board (MPOB) showed that March end-stocks and output were higher than forecast. The data, released during the midday break, showed that March end-stocks were down 4.6 percent from February at 2.92 milliontonnes, while output rose 8.3 percent to 1.67 million tonnes. Meanwhile, exports surged by 22.4 percent from February to 1.62 million tonnes. In related oils, the Chicago May soybean oil contract was down 0.7 percent and the May soyoil contract on the Dalian Commodity Exchange rose 0.2 percent. The Dalian May palm oil contract slipped by 0.4 percent. Mustard futures (May) is expected to take support near 3760 levels. Mills across the country have crushed 950,000 tn of mustard seed in March, up 18.8% on year, according to data compiled by the Mustard Oil Producers Association of India. Improved supply of the fresh crop harvested in 2018-19 (Jul-Jun) and a pick-up in demand from oil millers ramped up crushing operations. Crushing of the oilseed in March is nearly double that in the preceding month. Stocks with farmers, processors, stockists and state-run agencies were at 7.2 mln tn. 

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