According to Angel Commodities,Soybean futures are expected to trade higher on good demand for new season crop for crushing as edible oil import duty is hiked.
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Angel Commodities' report on Soybean
NCDEX Soybean futures closed higher for third consecutive day tracking good physical demand after hike in edible oil imports which increase domestic crushing. Soybean prices are still trading lower than MSP as soybean arrivals have peaked. As per Agmarknet data, the arrivals in 1 - 20 Nov increased to 10.13 lt compared to last year arrivals for the same period. Total exports of soy oil meal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year.
OutlookSoybean futures are expected to trade higher on good demand for new season crop for crushing as edible oil import duty is hiked. However, balanced demand and supply scenario may keep the prices sideways.
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