Soybean prices to trade sideways today: Angel Commodities

Angel Commodities’ report on Soybean

NCDEX May Soybean closed little higher on Monday but traded mostly sideways on reports that the soymeal exports have been lower during April.  In April, Soybean meal exports drastically reduce to 45,209 tonns compared to 1,24,374 tonnes. Moreover, weak physical demand and expectation of higher oilseed production next season also keeping prices in a range.  As per USDA report, for the next season, production forecast for soybean is pegged at 115 lakh tonnes (lt) compared to 90 – 95 lt last year by USDA due ot normal monsoon forecast. There is still concern about demand from the feed industry.

Outlook
Soybean futures are expected to trade sideways on mixed fundamentals of good demand and higher arrivals of soybean in the physical market and stagnant meal exports. Moreover, normal rains in the coming monsoon season may have bearish impact on prices.

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