Moneycontrol
May 17, 2017 12:32 PM IST | Source: Moneycontrol.com

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.

Expect Soybean futures to trade sideways to down: Angel Commodities

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.


Outlook


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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