Soybean futures (June) will probably plunge further towards 3580 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 were down 0.3% at $8.67 a bushel, having closed
down 1.4% on Wednesday. Soy oil futures (June) might witness some retracement
towards 745 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. The
Malaysian palm oil futures market will be closed until Thursday and will re-open on
Friday. Mustard futures (June) is expected to trade on a strong foot & might take
support near 3895-3870 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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