Moneycontrol
Mar 17, 2017 02:58 PM IST | Source: Moneycontrol.com

Soybean prices to trade sideway today: Angel Commodities

According to Angel Commodities, Soybean April futures closed higher on Thursday as supplies have been steady due to lower prevailing prices and good 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.


Angel Commodities' report on Soybean


Soybean April futures closed higher on Thursday as supplies have been steady due to lower prevailing prices and good 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. Soybean crushing has also dropped to 750,000 tons in February as compared to 900,000 tons in the same period a month ago. Arrivals during February fell to 650,000 tons as compared to 900,000 tons in January.  U.S. soybeans edged higher on Thursday, as a weaker dollar supported prices but gains were checked by ample global supplies. Higher global soybean supply outlook with a record crop expected in Brazil and reports of higher U.S. soybean acreage may keep prices under pressure. A ccording to a survey of growers, .U.S. farmers will expand their plantings of soybeans by 6.5 % to 88.8 million hectares in 2017 while scaling back on corn and wheat.


Outlook


We expect Soybean prices to trade sideways as fundamentals still remains weak on adequate supplies in the physical market. The  prices of  Ref Soy oil  and  CPO  may trade  higher firm  tracking  international  prices . 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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