According to Angel Commodities, NCDEX May Soybean edged higher on Tuesday mainly on low level buying and short covering to close at 3,728 rupees per 100 kg.
Angel Commodities' report on Soybean
NCDEX May Soybean edged higher on Tuesday mainly on low level buying and short covering to close at 3,728 rupees per 100 kg. We have seen some recovery this week on expectations of improving demand from the oil mills. The prices have been under pressure due to forecast of near normal monsoon forecast by IMD. Moreover, higher imports of edible oil also pressurize oilseed prices in the country. Soybean arrivals for the Oct-Mar period are pegged at 77 lt, up by 23.2% on year by SOPA. It expects availability of soybean for crushing, direct use and exports of about 101.8 lt as against 86 lt last year. SEA forecast soybean output at 102.43 lt in 2018/19, up more than 23% y/y.
Soybean futures expected to trade sideways in coming days on concern over higher availability of oilseed in the country. Moreover declining soybean meal export and higher edible oil imports will put extra pressure on Oilseeds.
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