According to Angel Commodities, NCDEX Apr Soybean closed lower on Friday due to profit booking but closed higher for the week on reports that China may import Indian soymeal as the Ministry of Commerce & Industry is taking up the issue with China to remove restrictions on Indian soymeal trade.
Angel Commodities' report on Soybean
NCDEX Apr Soybean closed lower on Friday due to profit booking but closed higher for the week on reports that China may import Indian soymeal as the Ministry of Commerce & Industry is taking up the issue with China to remove restrictions on Indian soymeal trade. Moreover, prices have been supported by expectation of increase crushing in coming weeks on development that government allowed export of all edible oils in bulk, barring mustard oil. The arrivals in the physical market have been lower in March at 2.32 lt compared to 3.16 lt last year for same period. 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 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 improved demand for crushing 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.
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