Soybean futures (Mar) may face resistance near 3785 levels & trade with a negative bias.
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
consolidate in the range of 3900-3940 levels. Heavy rains and hailstorms that
lashed north-western India last week have caused damage to the oilseed. Ref. soy
oil futures (Mar) is expected to trade with a negative bias & test 755 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 fall further & test 553 levels. Malaysian palm oil futures closed
lower on Wednesday for a fourth consecutive session on back of weaker U.S.
soyoil, reversing gains. The benchmark palm oil contract for April delivery on the
Bursa Malaysia Derivatives Exchange fell 0.2 percent to 2,250 ringgit ($554) a
tonne at the close. In news, The U.S. soybean processing pace slowed slightly in
January from the previous month, although the crush was still the largest on record
for the first month of the year, according to analysts polled ahead of a monthly
National Oilseed Processors Association (NOPA) report. The monthly NOPA report
will be released at 11 a.m. CST (1700 GMT) on Friday.
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