According to Angel Commodities, Soybean futures are expected to trade sideways to higher on expectation on improved demand from the oil mills and diminishing physical supplies.
Angel Commodities' report on soybean
NCDEX Apr Soybean closed lower for the second consecutive day on Thursday tracking weak demand in the spot market. This week soybean prices have touched 20 months high due to higher crushing demand and improved meal exports. According to data released by Solvent Extractors' Association of India (SEA), Soymeal exports in February declined to 73,816 tonnes from 207,977 tonnes in the corresponding period last year. However, for Apr - Feb, oilmeal exports rose 38% % on year at 11. 2 lakh tonnes due to firm demand from Vietnam and South Korea. Meanwhile, trade body, SOPA cuts soybean production by nearly 10 lt to 83.5 (lt) for 2017/18 crop.
OutlookSoybean futures are expected to trade sideways to higher on expectation on improved demand from the oil mills and diminishing physical supplies. There are reports of lower production in MP and Maharashtra and support to meal exports by Government may also boosts soybean prices.
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