Moneycontrol
Feb 16, 2017 12:21 PM IST | Source: Moneycontrol.com

Expect Soybean prices to trade sideways to higher: 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 closed flat on Wednesday after two days of negative trading. There are sufficient supplies in the domestic market and the prices are at base level. 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 (OctSep) to 1.8 mt from 1.0 mt projected earlier.


Outlook


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 to down on anticipation of better supplies from domestic crushing this season due to higher oilseeds production. Firm CPO prices in Malaysia may support edible oil prices.

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