Expect Soybean futures to sideways: Angel Commodities
Angel Commodities’ report on Soybean
NCDEX Jun Soybean edged lower on fresh selling by the market participants. The prices have been on uptrend on expectation of better demand for crushing from oil mills as govt is planning to hike import duties of soft oil – soy oil, rapeoil and sunflower oil. Moreover, diminishing arrivals in physical is also driving the prices higher in last 15 days. Soybean acre age is expected to be higher in coming kharif season as prices are attractive for the farmers. Production forecast for soybean is pegged at 108 lakh tonnes (lt) compared to 90 lt last year due to normal monsoon forecast while domestic crushing will increase 11% to 91 lt amid higher import duty and weaker rupees as per USDA monthly report .
Soybean futures are expected to trade sideways on expectation of improved crushing demand and diminishing arrivals of soybean in the physical market. Moreover, normal rains and good sowing data may have bearish impact on prices.
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