According to Angel Commodities,Soybean futures are expected to trade on sideways as new season arrivals may keep pressure on prices.
Angel Commodities' commodity report on Soybean
NCDEX Soybean Nov futures continue to trade lower on reports of lower meal exports in September coupled with sufficient arrivals from new season crop. India's soymeal exports during September were at 9,650 tn, down 21% from a year ago. While with huge carryover stocks also pressurize prices. Moreover, extend in the limits on stocks of oilseeds and edible oils with traders and mills till September 30, 2018 also bearish for the oilseeds. In a press release, has estimated 2017 - 18 (Oct - Sep) soybean output at 9.15 mt, down from 11.49 mt a year agoOutlook
Soybean futures are expected to trade on sideways as new season arrivals may keep pressure on prices. However, on reports that government is expected to step in for procurement of soybean in Maharashtra and Rajasthan to help farmers. Lower acreage in the country and improved prices of edible oil may support prices.
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