Soybean prices to trade sideways: Angel Commodities
Angel Commodities’ report on Soybean
NCDEX Soybean futures traded on negative note yesterday on arrival pressure, higher carryover stocks and higher edible oil imports reported by SEA for 2016/17 oil year. Prices are still trading at lower levels as soybean arrivals have peaked. As per Agmarknet data, the arrivals in 1 – 15 Nov increased to 7.60 lt compared to 6.44 lt in the previous 15 days (second half of October). Arrivals since October in 2017 is about 19.2 lt as compared to 15 .4 lt last year same period. 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 due to balanced demand and supply scenario. Improved 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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