Oilseed seed complex are expected to trade range bound for the day and may come under pressure from these prevailing prices.
However, for long term perspectives, oilseed complex are expected to trade higher on account of better demand of soybean from crushers and stockists coupled with thin arrivals of soybean in major mandis as farmers are holding back their stocks in anticipation of higher prices in coming days.
Dry weather concern in South America and heavy rains in Malaysia which delay in harvesting and reduce the yield are also in favor of the bulls.
NCDEX soy oil Soy Oil Jan NCDEX Futures Rs./qtl support:713-715 resistance:724-727
Soybean NCDEX Jan Futures Rs./qtl support:2440-2454 resistance:2496-2510
RM Seed NCDEX Jan Futures Rs./qtl support:3580-3600 resistance:3655- 3670
CPO MCX Dec Futures Rs./qtl support:537-539 resistance:545-548
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