Soybean futures (June) will probably witness a consolidation in the range of 3670- 3715 levels
The market participants are cautious and keeping a watch on the
progress of monsoon as well as the notion of the farmers to sow soybean this
season. In the latest update, monsoon season rainfall for country as a whole is
likely to be 96% of Long Period Average. The rains are likely at 94% of LPA over
North West India; 100% over Central India, 97% over South Peninsula & 91% over
Northeast. On CBOT, U.S. soybean futures are on a track to witness further gains
on account of planting delays in the U.S. Midwest and expectations of sharp
cutback in acreage as well as harvest yields. Soy oil futures (June) might witness
some retracement facing resistance near 757-760 levels. The government plans to
check duty-free, cheaper imports of edible oils through Nepal, to safeguard
interests of the domestic refining industry and oilseed farmers. The overall trend of
CPO futures is down owing to weakness prevailing in the Malaysian palm oil prices.
In recent news, Poland is against the European Union’s (EU) proposed plan to ban
the use of palm oil as a component of biofuels. Overall, the June contract might
break the near term support of 517 & descend towards 515-513 levels. Mustard
futures (June) is expected to trade on a strong foot & might rally to test 3970-4000
levels. The Solvent Extractors' Association of India has urged the government to
allow export of mustard oil in bulk, in line with overseas sales of other edible oils.
The US, West Asia, England, Nepal, Canada and Bhutan are top consumers of
Indian mustard oil.
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