Moneycontrol
Jun 20, 2017 11:18 AM IST | Source: Moneycontrol.com

Soybean futures are expected to trade sideways to higher: Angel Commodities

According to Angel Commodities, Soybean futures are expected to trade sideways to higher on reports of lower supplies but higher edible oil imports may pressurize prices.

Soybean futures are expected to trade sideways to higher: Angel Commodities

Angel Commodities' report on Soybean


Soybean Jul futures closed 1% higher on Monday on reports of slow progress in soybean sowing in the country. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 45,000 ha till last week, down 55.4% on year. The prices were under pressure all season on higher arrivals and bumper crop with the farmers.


Outlook


Soybean futures are expected to trade sideways to higher on reports of lower supplies but higher edible oil imports may pressurize prices. Anticipation of higher MSP, lower acreage in coming kharif and improving edible oil demand may support prices.


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