Expect Soybean prices to trade sideways: Angel Commodities

Angel Commodities' report on Soybean

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.

Outlook

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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