We may see an extended buying opportunity soybean futures (June) near 3750 levels,
The weakness in rupee against dollar & improved demand at lower price levels may push the counter to
3760-3780. 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.
The most active U.S soybean futures down 0.1% at $8.30-1/2 a bushel after closing up 3.6% on Tuesday when prices hit a high of
$8.38 a bushel, the highest since May 3.The USDA said the soybean crop was 9% seeded, lagging the five-year average of 29%
and the average trade estimate of 15%. 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 higher & test 744, if sustains above 740.50 levels. The same fundamental goes with CPO futures
(May) which is expected to take trade higher to test 529 levels. In news, Malaysia kept its export duty on crude palm oil for June
unchanged zero percent, according to a circular on the Malaysian Palm Oil Board’s. Mustard futures (June) is expected to move
take support near 3870 levels & trade with an upside bias owing to strong export demand for rapeseed Meal from top importing
countries such as South Korea, Thailand, Vietnam & Kuwait
HAPPY TRADING!!!!!!!!!!!!!!!!!!
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