CAPITALSTARS WEDNESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 03 APRIL 2019

 A consolidation can be seen in soybean futures (Apr) in the bandwidth of 3725-3785 levels. 

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 The spread between mustard seed and soybean has dropped significantly in last couple of weeks, making mustard seed more preferential to purchase. During the start of the second week of this month, mustard seed prices were on premium of Rs.225 per quintal compared to soybean price & now it is reduced to Rs.90 per quintal due to surplus mustard stock arrivals, thus making it more attractive oilseed commodity for the buyers. Soy oil futures (Apr) is expected to trade sideways in the range of 732-737 levels. Being a price taker from the international market, it is following the short covering trend of soy oil on CBOT, which has taken support near 28.40 cents per pound. CPO futures (Apr) might rise to test the resistance near 537 levels. Malaysian palm oil futures surged nearly 2 percent on Tuesday evening, tracking gains in related edible oils and on prospects of reduced stockpiles because of higher exports. Strong gains in exports could help to reduce stockpiles in Malaysia, which rose to their highest in nearly two decades in December. Official March data from the Malaysian Palm Oil Board is scheduled for release on April 10. Mustard futures (Apr) is expected to trade with an upside bias & test 3850 levels, taking support in the range of 3800 levels. The demand from crushers at current price levels is likely to improve, as the crush margin pace has gone up. In news, The Haryana State Co-operative Supply and Marketing Federation Limited (HAFED) has decided to procure mustard crop directly from farmers from March 28 to May 10 limiting the role of commission agents (arthiyas) in grain markets. 

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