According to Angel Commodities, NCDEX Soybean jumps 0.7% on Monday due to lower level buying after it slipped to 4-month low (3,556) to close at 3,631 rupees per 100 kg.
Angel Commodities' report on Soybean
NCDEX Soybean jumps 0.7% on Monday due to lower level buying after it slipped to 4-month low (3,556) to close at 3,631 rupees per 100 kg. Moreover, anticipation of meal demand from China due to imposition of higher tariff by US on China also support prices. The prices have been under pressure since the start of April due to forecast of near normal monsoon forecast by IMD. Moreover, higher imports of edible oil also pressurize oilseed prices in the country. Soybean arrivals for the Oct-Mar period are pegged at 77 lt, up by 23.2% on year by SOPA. It expects availability of soybean for crushing, direct use and exports of about 101.8 lt as against 86 lt last year. SEA forecast soybean output at 102.43 lt in 2018/19, up more than 23% y/y.
Outlook
Soybean futures expected to trade sideways in coming days on steady demand from the physical market players. Moreover declining soybean meal export and higher edible oil imports will put extra pressure on Oilseeds.
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