Soybean prices to trade sideways to higher: Angel Commodities
Angel Commodities’ report on Soybean
NCDEX Soybean futures closed higher on Monday on technical buying from the lower levels. Prices are still trading at lower level s as soybean arrivals have peaked. As per Agmarknet data, the arrivals in 1 – 10 Nov increased to 5.34 lt compared to 4.6 lt last year for same time. Arrivals since October in 2017 is about 17 lt as compared to 15 lt last year same period. Good demand for soy meal exports kept the prices supported prices last week. Total exports of soya oil meal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year.
Soybean futures are expected to trade sideways to higher due to good demand at lower prices but higher arrivals from new season crops may keep the prices sideways. The demand for new season crop is steady as import duty is not raised by the government.
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