Soybean futures (Mar) may witness more correction towards 3665 levels.
India’s
soybean output is likely to rise by a staggering 38 per cent this year on a sharp
increase in average yield across the country, following favourable climatic condition
in major cultivating states including Madhya Pradesh, Maharashtra and Rajasthan.
Data captured through the latest assessment of farmers, traders and other
stakeholders by the apex industry body the Soybean Processors’ Association
(SOPA) showed India’s total soybean output standing at 11.48 million tonnes
during the ongoing harvesting season as compared to 8.36 million tonnes in the
previous season. Mustard futures (Apr) is expected to trade with an upside bias
taking support near 3900 levels. Heavy rains and hailstorms that lashed northwestern India last week have caused damage to the oilseed. Ref. soy oil futures
(Mar) is expected to fall towards 756 levels. The market participants are expecting
huge soyoil imports near to 4 lakh tons in month of Feb. Bulk stocks shall continue
to add pressure on market sentiments. CPO futures (Feb) may witness correction
towards 559 levels. Malaysian palm oil futures fell over 1 percent to their lowest in
nearly three weeks on Monday as traders turned bearish due to a weaker outlook
for exports. The drop is due to continuous appreciation in the ringgit & going ahead
may selling activities may continue to be seen due to stronger Malaysian currency.
A stronger ringgit, palm's currency of trade, usually makes the edible oil more
expensive for foreign buyers.
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