Moneycontrol
Dec 05, 2017 12:51 PM IST | Source: Moneycontrol.com

Soybean prices to trade sideways to higher: Angel Commodities

According to Angel Commodities, expected to trade sideways to higher on good demand for new season crop for crushing as edible oil import duty is hiked. Moreover, higher incentives for oil meal export also support soybean prices.


Angel Commodities' report on Soybean

Soybean futures continue to trade positive on Monday taking clues from the spot market. There are reports of good physical demand from the oil millers after hike duty on in edible oil imports. Moreover, reports that government is likely to double the incentive on export of oilmeals to 10% to support domestic oilseed prices.  As per Agmarknet data, the arrivals in Nov increased to 15lt compared to last year arrivals of 8.33lt for the same period. Total exports of  soy oilmeal in the first seven  months of the fiscal started April is almost 5 times higher to 5.37  lakh tons compared to 1.07 lakh tons last year.

Outlook

Soybean futures are expected to trade sideways to higher on good demand for new season crop for crushing as edible oil import duty is hiked. Moreover, higher incentives for oil meal export also support soybean prices.

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