Soybean prices to trade sideways to higher: Angel Commodities

Angel Commodities’ report on Soybean

NCDEX Jun Soybean close a little lower for the second consecutive day tracking steady demand in the physical market after it jumped to three weeks high earlier in the week. However, it is trading in a range on expectation of better demand as govt is planning to hike import duties of soft oil – soy oil, rapeoil and sunflower oil. Moreover, diminishing arrivals and good crushing demand from the oil millers are also driving the prices higher. The prices have fallen in April on reports that the soymeal exports have been lower at the start of new financial year. In April, Soybean meal exports drastically reduce to 45,209 t compared to 1.24 lt.  As per latest  USDA  monthly report, production forecast for soybean  for India is pegged at 108 lt compared to 90 lt last year due  to normal monsoon forecast.

Soybean futures are expected to trade sideways to higher on expectation of improved crushing demand and diminishing arrivals of soybean in the physical market. Moreover, normal rains in the coming monsoon season may have bearish impact on prices.

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