Feb 15, 2017 11:35 AM IST | Source: Moneycontrol.com
Expect Soybean prices to trade higher sideways: Angel
According to Angel Commodities, expect Soybean prices to trade sideways to higher due to lower level buying as the supplies are adequate in physical market.
Angel Commodities report on Soybean
Soybean futures continue to trade lower this week on expectation of sufficient supplies in the domestic market. The production will be higher this year and the oil millers are purchasing soybean at lower prices so that they can have parity to export soy meal at competitive rates.
The Soybean Processors Association of India has raised the estimate for soy meal exports in 2016-17 (Oct-Sep) to 1.8 mt from 1.0 mt projected earlier.
We expect Soybean prices to trade sideways to higher due to lower level buying as the supplies are adequate in physical market. The prices of Ref Soy oil and CPO may trade sideways on anticipation of better supplies from domestic crushing this season due to higher oilseeds production. High tariff values and firm CPO prices in Malaysia may support prices.
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