According to Angel Commodities, Soybean futures are expected to trade sideways as new season arrivals and subdued physical demand is pressurizing the prices.

                                                                                                                                      

 

    

 

 

Soybean prices to trade sideways: Angel Commodities

 

 

 

Angel Commodities' report on Soybean

 

 

NCDEX Soybean Nov futures plunged further on Friday to close 3.2% down for the week pressurized by subdued physical demand coupled with new season arrivals and higher stock s from last year. Moreover, favorable weather for soybean harvest in Madhya Pradesh and Maharashtra also weigh on prices.  As per  Agmarknet data,  during the first 25 days of Oct. soybean arrivals  have been recorded at  7.6 lakh tonnes compared to close to 9l akh tones last year. In a press release, SOPA has estimated 2017 - 18 (Oct - Sep) soybean output at 9.15 mt, down from 11.49 mt a year ago. Reports of lower meal export in September also worrying farmers and oil millers. India's soymeal exports during September were at 9,650 tn, down 21% from a year ago.

Outlook

Soybean futures are expected to trade sideways as new season arrivals and subdued physical demand is pressurizing the prices. There are reports that government is expected to step in for procurement of soybean in Maharashtra and Rajasthan to help farmers. Lower acreage in the country and improved prices of edible oil may support prices.

 

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