Soybean futures (May) is expected to trade sideways to down in the range of 3640- 3715 levels.
The buying pace of stockiest and the millers are sluggish in the current
scenario due to surplus imported veg oil stocks at domestic front along with bearishglobal market keeping the overall sentiments on lower end. A surge in the import of
vegetable oils in India has prompted the domestic oilseed crushing and refining
industry to cut operating capacity to a historic low in order to sustain in the
business for future. On CBOT, The most active soybean futures were little changed
at $8.51-1/2 a bushel, having fallen 0.3 percent on Wednesday when prices hit a
low of $8.44-1/4 a bushel - the lowest since Oct 29. Soybean market eyes U.S.-
China trade talks. * The two nations held “productive” trade talks in Beijing on
Wednesday and will continue discussions in Washington next week, U.S. Treasury
Secretary Steven Mnuchin said. Mustard futures (May) will probably remain stable
taking support near 3720 levels. There is pick-up in demand from mustard meal
exporters based on the talks that China will start importing Indian mustard meal in
July, about eight months after it lifted a ban on mustard meal of Indian origin. Soyoil futures (May) may trade in the range broader range of 735-742 levels, while
CPO futures (May) may decline towards 520-518. On the Bursa MalaysiaDerivatives, Palm oil is expected falling more towards the next support at 2,063
ringgit. The fundamentals cite that Malaysia's palm oil output is forecast to rise to
20 million tonnes in 2019, up from as much as 19.5 million tonnes forecast earlier.
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