Expect Soybean prices trade sideways to higher: Angel Commodities
According to Angel Commodities, expect Soybean prices to trade sideways to higher as the supplies have been lower in the physical market.
Angel Commodities' report on Soybean
Soybean April futures closed higher on Monday as supplies have been lower due to lower prevailing prices and good domestic as well as export demand. Soybean exports during Oct-Feb were estimated at 112,000 tonnes, compared with 80,186 tonnes in the year-ago period, as per SOPA press release. Arrivals during February fell to 650,000 tons as compared to 900,000 tons in January.
We expect Soybean prices to trade sideways to higher as the supplies have been lower in the physical market. The prices of Ref Soy oil and CPO may trade sideways on expectation of technical correction. There is still pressure on edible oil prices in the country due to adequate supplies and lower import prices as govt. cut base import prices for the edible oil.
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