Soybean futures to witness correction

Soybean futures (June) is expected to witness correction towards Rs 3,700 facing resistance near Rs 3,815.

Mustard futures (June) is witnessing a bull run, and this uptrend is likely to continue till Rs 4,500-4,550.

Soy oil futures (June) may consolidate in the range of Rs 770-780 with upside getting capped. CPO futures (June) is looking bullish towards Rs 625- 630.


Soybeans posted gains of 10 to 13 3/4 cents on the first day back from the holiday. The 2021 contracts were 8 3/4 to 10 cents higher. Soybean meal futures were firmly mixed at the close, after falling back from midday gains.

Soybean oil futures closed up 63 points on Tuesday. USDA’s mandatory reporting system reported a large export sale of 258,000 MT of soybeans to China. Of that, 60,000 MT were old crop and the remainder was for 2020/21.

USDA also reported a large export sale of 216,000 MT of soybean meal to unknown. The weekly Export Inspections update showed 333,127 MT of soybeans were shipped on the week ending May 21.

That was down 6% wk/wk and 38% below last year. Accumulated soybean exports for the MY were up to 1.289 bbu, which is still 40% above last year’s pace, but 30.55 behind the 2016/17 MY.