Soybean futures (Feb) is expected to witness consolidation in the range of 3725- 3795 levels.
Data compiled by the Solvent Extractors’ Association of India (SEA) showed a sharp jump in soybean meal exports during the period under review from 23,000 tonnes to 2.8 lakh tonnes with the Iran market opening up. Mustard futures (Feb) is likely to fall further towards 3880 levels. The continuous offloading of old stocks by traders and government agencies are continuously building selling pressure on physical markets. The left-over stock with NAFED is now close to 2.18 lakh tons. Additionally, the recent rain and less foggy days are proving to be beneficial for the mustard crop & raising the prospects of higher output this season.Three spells of rains in December and January have boosted moisture in the soil,which increased yields in Rajasthan. Mustard carryover stocks are seen at 500,000 tn in the year ended January, up from 400,000 tn last year. CPO futures (Feb) is likely to witness profit booking from higher levels facing resistance near 575 levels. The majority of oils in Indore mandis have been trading low for the past few days on slack physical demand with soy refined quoted at Rs.777-80 for 10 kg (down Rs.10), while soy solvent ruled at Rs.740-45. Similarly, palm and cotton oils also traded low with palm oil being quoted at Rs.695 (down Rs. 5), while cotton oil (Gujarat) at Rs.715 and cotton oil (Indore) at Rs.755 respectively.
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