According to Angel Commodities, NCDEX Feb Soybean futures fell about 1.63% on Wednesday mainly on fresh selling initiated by the market participants after it crossed previous year highs.
Angel Commodities' report on Soybean
NCDEX Feb Soybean futures fell about 1.63% on Wednesday mainly on fresh selling initiated by the market participants after it crossed previous year highs. Recently prices are supported by improving physical demand tracking higher exports of soybean meal. Prices have moved more than 1 3% higher in Jan. Moreover, end of Bhavantar scheme of MP and soybeans holdings by the bulk traders also support prices. As per SEA press release soymeal exports up by 42% on year in December to 240,530 tonnes. Moreover, meal exports are higher by 6% at 99 4,303 tonnes for the Apr - Dec period compared to last year. USDA pegs soymeal production up 2.2% on month and 22% on year at 75 lakh tonnes in 2018/19 due to increase in crushing by 22% this season.
Outlook
Soybean futures expected to trade sideways to higher due to improve demand for crushing. Moreover, higher maize price is also supporting soybean prices as both used as animal feed.
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