According to Angel Commodities, NCDEX Aug Soybean closed positive on Tuesday after it slipped to 4 weeks low due to short covering by the market participants.
Angel Commodities' report on Soybean
NCDEX Aug Soybean closed positive on Tuesday after it slipped to 4 weeks low due to short covering by the market participants. It is trading in a range tracking monsoon revival, good supplies and lower demand for soymeal exports. As per farm ministry, acreage under soybean is 107 lakh ha so far, down only 3 lakh ha from last year acreage of 109.5 lakh ha. Area in MP improved up to last year areas however in Maharashtra the area lower than last year. Government increase minimum support price by 9% or 311 rupees to 3,710 per 100 kg for 2019/20 which also helps to increase acreage this year.
Outlook
Soybean futures expected to trade sideways to lower due to revival of rains in central part of India. Moreover, declining meal exports may put extra pressure on Oilseeds as the sowing season progressing.
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