Soybean futures are expected to trade sideways to lower on expectation of further corrections. The prices may still trade firm in long term on reports of lower production in MP and improved oil mills demand and slowing arrivals. Higher incentives for oil meal export, improved estimates for meal exports also supporting soybean prices.
Mustard futures expected to trade sideways to lower due to technical corrections. However, improved physical demand on anticipation of good uptake by oil mills may keep prices supported above MSP.
We expect Ref Soy oil to trade sideways to down tracking weak prices of soybean in domestic market. Moreover, lower base import prices may also pressurize prices. Reports of improved demand in physical market may support prices.
CPO futures may trade sideways tracking weak International prices and good physical demand in the domestic market. However, higher stocks and cut in base import prices by the govt. for second half of January may keep prices in a range.
Chana futures may trade sideways to higher on anticipation of improvement in physical demand at lower levels. However, reports of higher crop due to record acreage may keep prices in a range.
Cotton futures are expected trade sideways to lower tracking improved arrivals. However, the price may improve from current levels as Cotton production is expected to be lower than initially projected by the various agencies.
We expect Jeera Mar futures may trade sideways on anticipation of higher production from new season and lower physical due to higher prices. However, lower level buying may support prices.
Turmeric Apr futures expected to trade sideways to lower due to steady physical demand and expectation of good production of turmeric. However, expectation of improvement in up country demands for new season crop may support prices in coming weeks.