Soybean and Mustard Trend, the possibility of a decline in refined soya oil
With the trend of softening prices of soybean futures (May), there is the possibility of doing business in the range of 3,730-3,780 rupees.
Due to low purchasing of mills, there is a trend of softening prices of soybean in spot markets. Soybean prices in Benchmark Indore Bazar are within the purview of Rs 3,550-3,750 per 100 kg gram. Prices for plant delivery in Madhya Pradesh are in the range of 3,700-3,875 rupees per 100 kg and prices for the plant delivery in Maharashtra are in the range of 3,840-3,960 rupees per 100 kg gram.Due to the low demand for Indian Soymills in overseas markets due to higher prices, purchases are on the decline from mills. Prices of refined soya oil futures (May) are likely to do sideways business in the range of Rs 770-776, while the trend of increasing the prices of CPO futures (April) is likely to be traded above Rs 638 only. Compared to the dollar, the rupee has reached seven-month low levels due to the import of expensive rupee.BMD’s benchmark palm oil July futures rose by 1.7% to 2,408 ringgit levels. Prices of mustard futures (May) are likely to be a soft trend and the prices are likely to be of resistance at the level of Rs 3,940. Due to the lack of encouraging business procurement between better supplies, there is a trend of moderating prices of mustard in Rajasthan’s major spot markets.Due to the low procurement of mustard oil and mustard cake, the demand for mustard from mills is decreasing. The prices of mustard in Benchmark Jaipur market have reached the limit of Rs 3,920-3,925 per 100 kg gram.
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