Soybean futures (June) is expected to trade sideways in the range of 3695-3740 levels
. It is being estimated that India is
set to grow soybeans on more land in the 2019 crop year as higher prices for the oilseed push some farmers to switch from
cultivating competing commodities such as cotton and pulses. On the international markets, Soybean futures ended the Thursday
session with most nearby contracts 7 to 7 1/4 cents lower. July soy meal was down $1.10/ton, with soybean oil 53 points lower.
The Export Sales report released showed 535,848 MT of old crop soybeans sold during the week of May 16. That was a 44.5%
jump from last week and well above last year for this time. Taking cues from the positive sentiments of the international market & a
weaker rupee against dollar hovering near 70, soy oil futures (June) is expected to see the level of 743-744, taking support near
740. On the contrary CPO futures (June) may crash towards 512-516 levels. Palm oil on the European vegetable oils market eased
on Wednesday following weaker Malaysian Palm oil futures. Malaysian palm oil futures closed between 44 and 27 ringgit down
from Wednesday. A weaker ringgit, hitting its lowest level in six months with $4.1920, might have capped an even stronger decline
of palm oil prices on Thursday. At 1630 GMT, CBOT soyoil futures were around $0.44 cents per lb down, following closely weaker
Chicago soybeans futures. Mustard futures (June) is expected to consolidate & trade with an upside bias & test 3960-3980 levels.
The sentiments are upbeat due to buying by oil millers and on hope of a pick-up in procurement at minimum support price.
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