Expect Soybean futures to trade sideways to down: Angel Commodities
According to Angel Commodities, Soybean futures are expected sideways to down as Oil mils are active on lower levels to maintain the parity of oil and meal.
Angel Commodities' report on Soybean
Soybean Jun futures closed lower by 2% on Tuesday, highest single day drop for the contract, on reports of lower physical demand as 60% of soybean mills in Madhya Pradesh reported to have shut down because of subdued demand for soymeal and lower prices of soyoil.
Soybean futures are expected sideways to down as Oil mils are active on lower levels to maintain the parity of oil and meal. There is supply pressure as stockists are selling as good monsoon forecast indicates another bumper crop. The prices of Ref Soy oil and CPO may trade higher on good demand and increase in tariff value. However, adequate supplies and cheap imports keeping the prices under control.
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