According to Angel Commodities, expected to trade sideways in expectation of some technical correction. However, improved demand from the oil mills and lower supplies on reports of lower production in MP and Maharashtra may support prices.
Angel Commodities' report on Soybean
Soybean closed higher on Tuesday due to short covering by the market participants on anticipation of good physical demand from the oil mills on reports that the production will be lower than expected.
Outlook
Soybean futures are expected to trade sideways in expectation of some technical correction. However, improved demand from the oil mills and lower supplies on reports of lower production in MP and Maharashtra may support prices. Support to meal exports by Government may also boosts soybean prices.
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