Expect Soybean prices to trade sideways: Angel Commodities

A bushel of soybeans are shown on display in the Monsanto research facility in Creve Coeur, Missouri, July 28, 2014. Monsanto engineers designed a chipper to shave a tiny tissue sample off a seed to analyze the seed's genetics. If the sample is positive for desirable genetic traits, the seed is still viable so a breeder can plant it in a field test and use it in the breeding process to create more seeds of its kind. Picture taken July 28, 2014. 20 of 25 Monsanto Stand Alone Picture Package. REUTERS/Tom Gannam (UNITED STATES - Tags: ENVIRONMENT FOOD SCIENCE TECHNOLOGY AGRICULTURE) - RTR42TJN

NCDEX May Soybean edge d lower on Thursday mainly on technical selling by the market participants. As per USDA report, India’s total oilseed production in Marketing Year (MY) 2018/19 (Oct - Sep) is forecast to rise 10% to 38.8 mt on 38.4 million hectares, assuming normal monsoon season.  The production forecast for soybean is pegged at 115 lakh tonnes (lt) compared to 90 - 95 lt last year.

Soybean futures are expected to trade sideways on mixed fundamentals of good demand and higher arrivals of soybean in the physical market and stagnant meal exports. Moreover, normal rains in the coming monsoon season may have bearish impacton prices.

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