According to Angel Commodities, NCDEX Oct Soybean traded in a range last week but close little lower due to mixed fundamentals of bumper crop and reports of improved meal exports of soymeal to China.
Angel Commodities' report on Soybean
NCDEX Oct Soybean traded in a range last week but close little lower due to mixed fundamentals of bumper crop and reports of improved meal exports of soymeal to China. China h as shown interest in buying soy bean de - oiled cake produced in Maharashtra which will help soybean prices to rise above MSP. Moreover, Government is likely to announce Rs 10, 000 Crore package to ensure MSP to oilseeds farmers. According to the data released by SEA, India's soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers. For Apr - Aug, India's soymeal exports down by 4% on year at 3.72 lakh tonnes. The area under soybean in the country up 6 .4 % at 112.5 lakh ha as of last week compared to last year sowing, according to data released by the farm ministry.
Outlook
Soybean futures are expected to trade sideways to higher on better crushing on expectation of improving exports demand for soy meal exports. However, bumper crop prospects due good rains in soybean growing areas states of MP and Maharashtra may pressurize prices.
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