According to Angel Commodities, expect Soybean prices to trade sideways on lower level buying while expectation of good arrivals may pressurize prices.
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.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.