CAPITALSTARS FRIDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 17 May 2019

Soybean futures (June) is expected to trade sideways in the range of 3735-3790

 CAPITALSTARS INVESTMENT ADVISOR

    The market participants are looking for a ray of opportunity after the Ministry of Commerce and Industry and General Administration of Customs of China (GACC) discussed issues related to India’s pending request for the clearance of more farm products for the Chinese market. The resultant was that the draft protocol for is expected to be finalized soon for soybean meal. In the international market, the most active soybean futures add 4% for the week, the first weekly gain in six weeks. In news, rains across U.S. Midwest threaten to slow planting of corn. Delays could prompt farmers to switch to planting soybeans. The trend of soy oil futures would purely depend on the signals given by the movement of Rupee against dollar, which is falling owing to escalated trade war talks between US and China, making import costlier. The June contract is expected to trade with an upside bias in the range of 743-750 levels. The same fundamental goes with CPO futures (May) which is expected to trade sideways to up in the range of 524-528 levels taking positive cues from the international market. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 2.5% at 2,096 ringgit ($503.48) a tonne. Also, the Chicago July soybean oil contract had gained 0.9% on Wednesday, after U.S. President Donald Trump eased concerns over the U.S.-China tariff war, and was last up 0.6% on Thursday. Mustard futures (June) is expected to move take support near 3900 levels & trade with an upside bias towards 3950 owing to strong export demand for rapeseed Meal from top importing countries such as South Korea, Thailand, Vietnam & Kuwait

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