CAPITALSTARS THURSDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 18 APRIL 2019

Soybean futures (May) may consolidate in the range of 3710-3760 levels.

 CAPITALSTARS INVESTMENT ADVISOR

SoybeanProcessors' 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 carryover stocks. Out of total supply, 20 lakh ton were exported. Mustard futures (May) may trade sideways in the range of 3760-3790 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 trade sideways in the range of 716-721 levels. CPO futures (Apr) will probably hove range bound within 540-545 levels. Import of vegetable oils during March 2019 sharply increased by 26% to 1,446,557 tons compared to 1,146,051 tons in March 2018, consisting 1,393,255 tons of edible oils and 53,302 tons of non-edible oils. The overall import of vegetable oils during November 2018 to March 2019 is reported at 6,309,406 tons compared to 5,931,829 tons i.e. up by 6%. Secondly, Malaysian palm oil futures fell to their lowest levels in two weeks, dropping for a third session in four as stockpilesremained high and exports came in weaker than forecast. 

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