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Friday, 8 February 2019

CAPITALSTARS THURSDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 07 FEB 2019

Soybean futures (Feb) is expected to witness more correction towards 3730-3700 levels. 

CapitalStars Investment Adviser
The demand from millers and crushers also remained subdued in domestic market with ongoing lean season of soybean. The prices in physical markets also fell significantly with absence of buyers to purchase at present higher levels. Meal export demand remained silent from past couple of weeks as most of the crushers realized Iranian demand has been shifted to Brazil front due to significant pricediscounts. 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 towards 561. India's January imports of palm oil, including crude and refined variants, are seen at around 900,000 tn, up 12.5% from December. Internationally, Palm oil production in Malaysia is seen unchanged on year at 19.5 mln tn in 2019 while output of the edible oil in Indonesia is seen growing by around 3 mln tn on year to 45 mln tn. 


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