Soybean prices to trade sideways: Angel Commodities
Angel Commodities’ report on Soybean
NCDEX Soybean Nov futures closed higher on Thursday on short covering by the market participants hoping for higher demand for new season crop as prices are less than minimum support price . Market participants are expecting lower arrivals in the physical market because of festival season in coming weeks. In a press release SOPA, has estimated 2017 – 18 (Oct – Sep) soybean output at 9.15 mt, down from 11.49 mt a year ago.
Soybean futures are expected to trade on sideways as new season arrivals may keep pressure on prices. However, on reports that government is expected to step in for procurement of soybean in Maharashtra and Rajas than to help farmers. Lower acreage in the country and improved prices of edible oil may support prices.
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