Soybean futures (May) is expected to trade sideways in the range of 3680-3720 levels.
The buying pace of stockie stand the millers are sluggish in the current scenario due to surplus imported veg oil stocks at domestic front along with bearish
global market keeping the overall sentiments on lower end. A surge in the import of vegetable oils in India has prompted the
domestic oilseed crushing and refining industry to cut operating capacity to a historic low in order to sustain in the business for
future. On CBOT, U.S soybean is under pressure as the Chinese soybean imports are slowing down, feeling the effect of the
African Swine Fever on livestock and as a result the soybean-based feed meal. Further, the US-China trade talks have not
provided much confidence to the soybeans global outlook. Mustard futures (May) will probably remain stable in the range of 3750-
3775 & the trade with an upside bias. There is pick-up in demand from mustard meal exporters based on the talks that China will
start importing Indian mustard meal in July, about eight months after it lifted a ban on mustard meal of Indian origin. Soy oil futures
(May) may trade in the range broader range of 735-742 levels, while CPO futures (May) may decline towards 530, if breaks the
support near 535 levels. The sentiments attached to edible oil counter are mixed due to the tug-of-war amid a weaker rupee and
one sided correction in U.S soy oil futures on CBOT. The dollar hovering near a two-year high against its peers is also making the
market nervous & this is the reason the participants are opting to sell on rise.
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