Soybean prices to trade sideways to higher: Angel Commodities
Angel Commodities’ report on Soybean
NCDEX Soybean Nov futures fall more than 1.3% yesterday as market participants liquidate their long position on expectation of higher arrivals of new season crop. Moreover, higher stocks from last year weigh of prices. Weakness in spot prices weighs on futures too. During the first 20 days of Oct. soybean arrivals have been recorded at 5.79 lakh tonnes compared to close to 6 lakh tones last year. Market 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. Moreover, on reports of lower meal exports in September is also worrying farmers. India’s soymeal exports during September were at 9,650 tn, down 21% from a year ago.
Soybean futures are expected to trade sideways to higher as new season arrivals may slow down on lower prices. There are reports that government is expected to step in for procurement of soybean in Maharashtra and Rajasthan to help farmers. Lower acreage in the country and improved prices of edible oil may support prices.
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