According to Angel Commodities, NCDEX Oct Soybean jumps higher for the second consecutive session on Thursday on anticipation of improved physical demand for crushing by the oil mills due to week rupees.
Angel Commodities' report on Soybean
NCDEX Oct Soybean jumps higher for the second consecutive session on Thursday on anticipation of improved physical demand for crushing by the oil mills due to week rupees. Soybean prices ended 8.9% lower during the last quarter (Jul - Sep). Market is expecting bumper crop during next season. As per 1 st advance estimate 2018/19, soybean production is forecast about 22.5 % higher at 134 .6 lakh tonnes on year. The soybean area in the country up 6.3% at 112.6 lakh ha compared to last year. India's soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers accord ing to the data released by SEA. For Apr - Aug, India's soymeal exports down by 4% on year at 3.72 lakh tonnes. However, there is anticipation of good physical demand for crushing due to expectations over rising exports to China. China has shown interest in buying soybean de - oiled cake produced in Maharashtra.
Outlook
Soybean futures expected to trade sideways to higher on expectation of improving crushing demand from oil mills, anticipation of exports demand for soy meal exports and MSP procurement. However, bumper crop prospects due good rains in soybean growing areas states may keep prices near MSP levels.
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