Soybean futures (June) is expected to take support near 3700 levels & any sharp downside may remain capped.
.The demand is catching pace on the spot markets
supported by lower level buying & expectation of higher buying from millers owing
to positive gross crush margin of Rs.586 per ton. The upswing momentum in
domestic soybean prices & a weaker rupee against dollar may act as a catalyst to
drive up the soy oil futures (June) towards 748-750 levels. Despite the bearishness
prevailing over the soy oil price on CBOT, due to prolonged trade war & crashing oil
prices, the domestic market wouldn’t be impacted due to surging demand. On the
contrary, CPO futures (June) is expected to descend further towards 500, if breaks
510 levels. In the international market, the fundamentals are showing a projection
of decline in demand of palm oil as the European Union’s publication of limits on the
use of the tropical oil in biofuels that will restrict the types of biofuels from palm oil
that may be counted toward the EU renewable-energy goals, will come into force
on June 10. Moreover, the US-China trade war is adding to the headaches to the
palm oil industry & the stand-off is weighing on prices. The analysis highlights that
Malaysian Palm oil prices have fallen nearly 36% since U.S. President Donald
Trump took office in early 2017. Mustard futures (June) is expected to consolidate
in the range of 3895-3935. On the spot, at present the demand is firm from
crushing plants as the arrivals are shrinking because the peak supply season is
coming to an end
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