Soybean prices to trade higher: Angel Commodities

Angel Commodities' report on Soybean

NCDEX Soybean Nov futures jumps higher on  Thursday due to  reports  that  government is about to increase import duty  on  edible oil  and oilseeds  which will enhance domestic oilseed  demand.  As per Agmarknet data, during the month of Oct. soybean arrivals have been recorded at 10.95 lakh tonnes compared to close to 10.43 lakh tones last year.

Outlook
Soybean futures are expected to trade higher on anticipation of good demand for the domestic oilseeds as government is going to hike import duty on edible oil and oilseeds. There are reports that government is expected reimburse farmers on Madhya Pradesh if soybean is sold below MSP.

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