According to Angel Commodities, expect Soybean prices to trade higher on expectation of good demand from the crushers as supplies are diminishing.
Angel Commodities' report on Soybean
Soybean May futures closed higher on week as supplies are diminishing but the demand for crushing is intact due to encouraging soy meal exports. The supplies in the physical market decrease in first 10 days in April compared to last month. As per Agmarknet, arrivals of soybean during Apr 1-15 are 97,040 while during in Mar it was about 1,64,286 tonnes during same time frame.
We expect Soybean prices to trade higher on expectation of good demand from the crushers as supplies are diminishing. While the prices of Ref Soy oil and CPO may trade higher today due to technical rebound from lower levels. However, on adequate supplies and cheap imports may pressurize prices further. But good domestic demand may keep prices supported.
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