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 corrected sharply on Thursday due to good forecast of rains in soybean growing area of Maharashtra and Madhya Pradesh in coming week. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 26,900 ha till last week, up 16.5% on year.
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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