Moneycontrol
Mar 16, 2017 03:05 PM IST | Source: Moneycontrol.com

Soybean prices to trade sideways today: Angel Commodities

According to Angel Commodities, Soybean April futures recover on Wednesday as supplies have been lower in the spot market due to lower prevailing prices and good demand. Soybean exports during Oct - Feb were estimated at 112,000 tonnes, compared with 8 0,186 tonnes in the year - ago period, a s per SOPA press release.

Soybean prices to trade sideways today: Angel Commodities

Angel Commodities' commodity report on Soybean


Soybean April futures recover on Wednesday as supplies have been lower in the spot market due to lower prevailing prices and good demand.  Soybean exports during Oct - Feb were estimated at 112,000 tonnes, compared with 8 0,186 tonnes in the year - ago period, a s 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 continue to trade lower as forecasters continued to raise their estimates for a bumper Brazilian crop coupled with reports of bearish crush data.  The National Oilseed Processors Association on Thursday said that its member crushed a smaller - than - expected 142.792 million bushels of soybeans during February, the smallest monthly total since September. Moreover, 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, according to a survey of growers.


Outlook
We expect Soybean prices to trade sideways as fundamentals remains weak on adequate supplies in the physical market.


For all commodities report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Sections
Follow us on
Available On