According to Angel Commodities, expect Soybean prices to trade higher as supplies are dwindling in physical market due to lower prices.
Angel Commodities' report on Soybean
Soybean futures closed lower last week due to good supplies and higher demand at lower prices. The supplies in the physical market is continue to be adequate as production during kharif is higher by more than 57% this season compared to last year. The bulk buyers and oil millers are quite active at lower levels keeping pressure on prices.
We expect Soybean prices to trade higher as supplies are dwindling in physical market due to lower prices. The prices of Ref Soy oil and CPO may trade sideways down on good supplies and steady demand. Edible oil prices in the domestic market are consolidating as country is poised to produce record oilseed this year.
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First Published on Jan 30, 2017 11:19 am