According to Angel Commodities,NCDEX Apr Soybean closed lower last week and slump almost 3% on weak spot prices and lower demand from the oil mills.
Angel Commodities' report on Soybean
NCDEX Apr Soybean closed lower last week and slump almost 3% on weak spot prices and lower demand from the oil mills.In the current month the prices have fall about 5.4% from its higher levels. The arrivals in the physical market have been lower in first 25 days of March at 1.91 lt compared to 2.8 5 lt last year for same period. The news on soybean imports in India at record high and may cross 100,000 tonnes and shipping will be mainly from the African countries of Ethiopia and Benin with which India has concessional import duty agreements. According to data released by SEA, Soymeal exports for Apr - Feb, oilmeal exports rose 38% on year at 11.2 lt due to firm demand from Vietnam and South Korea. Meanwhile, trade bod y, SOPA cuts soybean production by nearly 10 lt to 83.5 (lt) for 2017/18 crop.
OutlookSoybean futures are expected to trade sideways to lower on balanced supply and demand situations as physical supplies have been diminishing but imports have increased in the country. However, steady demand from the oil mills may keep prices in range due to negative crush parity.
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