Soybean futures (June) is expected to take support near 3680-3655 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 753-755 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 witness a
consolidation in the range of 516-522 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 3885-3930. 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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