Soybean futures (May) is expected to come down to test 3790 levels & soy oil futures (May) will possibly touch 725 levels on the downside.
On the spot markets, despite weak global cues soy oil edged higher with soy refined quoted at ₹752-55 for
10 kg, while soy solvent ruled at ₹715-20 for 10 kg. Plant deliveries of soybean quoted at ₹3,750 a quintal. CPO futures (Apr) is
expected to retreat towards 537 levels taking negative from the international market. Malaysian palm oil futures retreated from a
six-week top on Monday evening, falling over 1 percent to snap five sessions of gains, tracking weaker soybean oil prices on the
U.S. Chicago Board of Trade and in a technical correction. The benchmark palm oil contract for June delivery on the Bursa
Malaysia Derivatives Exchange was down 1.1 percent at 2,200 ringgit ($537.24) a tonne at the close of trade. The Malaysian PalmOil Board is scheduled to release March data on Wednesday. In other related oils, Chicago May soybean oil contract was down 0.7
percent, and the May soyoil contract on the Dalian Commodity Exchange rose 0.2 percent. Mustard futures (May) is expected to
trade with a negative bias in the range of 3760-3795 levels. Lack of mustard meal exports and crush margin of Re.1 /qtl is likely to
keep the upside capped. Total arrivals in country improved by remained steady at 6.00 lakh bags. Amongst the biggest mustard
producing state- Rajasthan accounted for 3.5 lakh bags, MP accounting for 40000 bags, UP at 85000 bags, Haryana and Punjab at
50000 bags, Gujarat at 25000 bags , while other states contributing for 50000 bags. Improving prices helped farmers to bring their
produce back to physical markets.
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