The short covering in soybean futures (Mar) may face resistance near 3790 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 trade with a negative bias & remain below 763 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. The short
covering in CPO futures (Feb) may remain restricted to 564 levels. Malaysian palm
oil futures slipped on Tuesday, posting a third day of declines amid slowing export
demand. On the international market, weak external markets, led by the falls in
crude and U.S. soyoil, also weighed on palm.
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