Jan 11, 2017 01:41 PM IST IST | Source: Moneycontrol.com
Expect Soybean prices to trade sideways: Angel Commodities
According to Angel Commodities, expect Soybean prices to trade sideways on lower level buying while expectation of good arrivals may pressurize prices.
Angel Commodities report on Soybean
Soybean futures continue to close down on Tuesday due to good supplies in the physical market. The demand is steady from the bulk buyers and oil millers at lower levels. Moreover, higher production estimates by SOPA is keeping pressure on prices this season.
U.S. soybean prices rallied Tuesday for the second day in a row despite the threat of a record bumper Brazil crop. Market is more concerns about rain in central and northeastern Argentina threatened to flood soybean fields. The market also received support from better-than-expected weekly export inspections data (1,457,230 tonnes), which provided some relief after a disappointing report on global demand for U.S. supplies last week.
We expect Soybean prices to trade sideways on lower level buying while expectation of good arrivals may pressurize prices.
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