Feb 17, 2017 02:37 PM IST | Source: Moneycontrol.com
Expect Soybean prices trade sideways to lower: Angel Commodities
According to Angel Commodities, We expect Soybean prices to trade sideways to lower as the supplies are adequate in physical market.
Angel Commodities report on Soybean
Soybean futures closed lower on Thursday on weak spot market as sufficient supplies pitting pressure on prices. The production is expected to be higher this year and the oil millers active 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.
We expect Soybean prices to trade sideways to lower 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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