According to Angel Commodities, NCDEX Jun Soybean edged lower last week on profit booking by the market participants.
Angel Commodities' report on Soybean
NCDEX Jun Soybean edged lower last week on profit booking by the market participants. The prices have been on uptrend on expectation of better demand for crushing from oil mills as govt is planning to hike import duties of soft oil – soy oil, rapeoil and sunflower oil. The government is likely to raise the incentive under Merchandise Exports from India Scheme on soymeal to 10% of free - on - board value from the current 7%. Soybean acreage is expected to be higher in coming kharif season as prices are attractive for the farmers. Production forecast for soybean is pegged at 108 lakh tonnes (lt) compared to 90 lt last year due to normal monsoon forecast while domestic crushing will increase 11% to 91 lt amid higher import duty and weaker rupees as per USDA monthly report.
OutlookSoybean futures are expected to trade sideways to down on normal rains and expectation of improved sowing data. However, good crushing demand and diminishing arrivals of soybean in the physical market may keep prices supportive.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.