Soybean prices to trade sideways to higher: Angel Commodities
Angel Commodities’ report on Soybean
NCDEX Jun Soybean edged higher on Thursday on expectation of diminishing arrivals and good crushing demand from the oil millers. The prices have fallen in last 15 days on reports that the soymeal exports have been lower during April. In April, Soybean meal exports drastically reduce to 45,209 tonnes compared to 1,24,374 tonnes.
Moreover, weak physical demand and expectation of higher oilseed production next season also keeping prices in a range. As per USDA report, for the next season, production forecast for soybean is pegged at 115 lakh tonnes (lt) compared to 90-95 lt last year by USDA due ot normal monsoon forecast. There is still concern about demand from the feed industry.
Soybean futures are expected to trade sideways to higher on expectation of improved crushing demand and diminishing arrivals of soybean in the physical market. Moreover, normal rains in the coming monsoon season may have bearish impact on prices.
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