Expect Soybean prices to trade sideways to higher: Angel Commodities
According to Angel Commodities, expect Soybean prices expected to trade sideways to higher from the lower levels. The supplies have been lower while there is good demand from the crushers.
May 02, 2017 / 01:21 PM IST
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
Angel Commodities' report on Soybean
Soybean May futures close the week down by more than 4% as market participants liquidate their buying positions on anticipation of steady demand due to ample available stocks in the country. As per Agmarknet, arrivals of soybean during Apr 1- 25 is 2,32,853 tonnes while during in Mar it was about 2,83,644 tonnes during same time frame.
We expect Soybean prices expected to trade sideways to higher from the lower levels. The supplies have been lower while there is good demand from the crushers. The prices of Ref Soy oil and CPO may trade sideways to lower on expectation of record oilseed crop. Moreover, adequate supplies and cheap imports is keeping the prices under control but increasing domestic demand may keep prices supported.
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