Soybean futures are expected to trade sideways today: Angel Commodities
According to Angel Commodities, Soybean futures are expected to trade sideways on reports of higher edible oil imports.
Angel Commodities' report on Soybean
Soybean Jul futures closed the week on positive note 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.
Soybean futures are expected to trade sideways on reports of higher edible oil imports. However, anticipation of higher MSP, lower acreage in coming kharif and improving edible oil demand may support prices.
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