Soybean futures is expected to trade with a positive bias & post gains for the third consecutive week taking positive cues from the estimates of lower rainfall in the major growing areas.
The Private weather forecaster Skymet has projected poor
monsoon rains in pockets of Marathwada and Vidharbha in Maharashtra, key
soybean producing areas, which was also positive for the prices. The June contract
is likely to take support near 3680 levels & the downside may remain capped.
Secondly, the latest estimates of demand of soybean meal for first six month of the
current oil year shows that exports are higher at 16.880 lakh tons & on the supply
side the balance stock of meal as on 1st May 2019 is 1.53 lakh tons, as compared to
11.78 lakh tons & 2.055 lakh tons respectively. U.S. soybean oil futures (July) may
see an extended recovery till 27.5-28 cents per pound taking support near 27 cents
as the market participants are discounting the fears of trade war, until it further
escalates. 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 740-742, taking support near 735, while CPO futures (June) will
remain steady in the range of 525-530 levels. Palm oil on the Malaysia Derivative
Exchange has taken support near 1950 MYR/ton & is trading more than two-week
high on better demand for the edible oil, supported by the continuation of good
exports. The bullishness will prevail in mustard futures (June) & is expected to soar
towards 3950-3970 levels. The sentiments are upbeat due to buying by oil millers
and on hope of a pick-up in procurement at minimum support price.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
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