Soybean futures (June) will probably consolidate in the range of 3630-3675 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, the most active soybean futures dropped nearly 1% so far this week, set for
the first weekly slide in a month. The U.S. Department of Agriculture reported
export sales of U.S. soybeans in the week ended May 30 at 583,700 tonnes (old and
new crop years combined), in line with trade expectations. Soy oil futures (June)
might witness sideways movement in the range of 745-750 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 descend towards 510-508 levels. Mustard futures (June) is
expected to trade on a strong foot & might take support near 3910 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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