Prices of soybean futures (December) are likely to increase
Prices of soybean can register an increase of 3,450-3,500 rupees with support at the level of Rs 3,365. Due to persistent demand from traders and crayfish mills, the prices of oilseeds are being seen in the major spot markets of the country.
Exporters are purchasing soybeans hoping to increase the export of Indian Soymil in the world market, while stockists are also shopping with the expectation of better profits. Expectations that in the next few months, the prices of soyabean in the spot markets will cross the Rs 3,500 level and therefore wholesale purchases are going on.
In the mustard futures (December), the pressure of the sale is likely to remain intact and due to the possibility of China exporting Sarasammil exports to China, the prices may drop to Rs 4,125-4,100.
Due to the low availability of mustard oil due to the cheap availability of soya and palm oils, the demand for mustard has decreased considerably on the part of paraichi mills. There is also a possibility of desiccation of demand for Sarasamilil from domestic and overseas buyers. Due to the low demand of processed products from the consumer centers, crushing of mustard is also likely to fall this month.
CPO (November) futures are expected to be trendy and prices may drop to Rs 564-562. With the demand of palm oil in winter, the demand for softening in demand and softening of Malaysian palm oil may continue to pressurize prices. Malaysian palm oil prices may fall to the support level of 2,009-2122 ringgit.
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