Soybean futures are expected to trade under pressure: Angel Commodities
According to Angel Commodities, Soybean futures are expected trade under pressure on limited demand and slower crushing.
Angel Commodities' report on Soybean
Soybean Jun futures closed lower on Thursday tracking weak International prices and higher stocks in the Country. As per SPOA, about 54 lt of soybean has been crushed and estimate of 46 lt of soybean is available in the country. In crop year 2016/17 till end of April about 59 lt arrived Vs 58 last year.
Soybean futures are expected trade under pressure on limited demand and slower crushing. There is supply pressure as stockists are selling as good monsoon forecast indicates another bumper crop. The prices of Ref Soy oil and CPO may trade higher on good demand and increase in tariff value.
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