According to Angel Commodities, expect Soybean prices to trade higher on diminishing supplies and expectation of good demand from the crushers.
Angel Commodities' report on Soybean
Soybean May futures closed higher on Thursday as supplies are diminishing but the demand for crushing is intact due to encouraging soy meal exports. As per Agmarknet, arrivals of soybean during Apr 1-20 is 1,75,634 tonnes while during in Mar it was about 2,09,993 tonnes during same time frame.
We expect Soybean prices to trade higher on diminishing supplies and expectation of good demand from the crushers. While the prices of Ref Soy oil and CPO may trade higher due to technical rebound from lower levels. However, on adequate supplies and cheap imports may pressurize prices further. But good domestic demand may keep prices supported.
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