According to Angel Commodities,Soybean futures are expected to trade sideways due to higher arrivals from new season crops.
Angel Commodities' report on Soybean
NCDEX Soybean Dec futures falls in Thursday on expectation that soybean arrivals have peaked and pressure on edible oil counter. Encouraging soy meal exports from the country kept the prices supported this week. Total exports of soy oilmeal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year. As per Agmarknet data, in the last week of October the arrivals of soybean in the country increased to 6.2 lt compared to 5 lt last. U.S. soybean tumbled on Thursday after USDA projected a record - large 2017 U.S. crop and unexpectedly left its average yield forecas t unchanged in a monthly report. In its monthly supply and demand report, the USDA pegged the 2017 U.S. harvest at a record 4.425 billion bushels, on a yield of 49.5 bushels per acre. Both figures topped average analyst estimates. Moreover, The USDA reported 1.16 mt of soybeans sold for export during the week of 11/2. That was 41% lower than last week and down 53.8% from this week a year ago.Outlook
Soybean futures are expected to trade sideways due to higher arrivals from new season crops. However, anticipation of good demand for the domestic oilseeds as government is going to hike import duty on edible oil and oilseeds. There are reports that government is expected reimburse farmers on Madhya Pradesh if soybean is sold below MSP.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.