Soybean prices to trade higher: Angel Commodities

November 21
20:05 2017

Angel Commodities’ report on Soybean

NCDEX Soybean futures jumped higher tracking good physical demand after hike in edible oil imports which increase domestic crushing.  Soybean prices are still trading lower than MSP 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  soy  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 higher on good demand for new season crop for crushing as edible oil import duty is hiked. However, balanced demand and supply scenario may keep the prices sideways.

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