According to Angel Commodities, NCDEX Aug Soybean edged higher mainly on short covering from the lower levels.
Angel Commodities' report on Soybean
NCDEX Aug Soybean edged higher mainly on short covering from the lower levels. Prices are still under pressure due to disappointed meal exports figures and good monsoon rains in the soybean bowl in Madhya Pradesh. As per SOPA, press release, the arrivals of soybean improved during June to 4.5 lt compared to Apr and May. Overall, arrivals this season is 89.25 lt compared to 75 lt last year.
Soybean futures expected to trade sideways due to expectation of improving sowing progress in central India due to fast progress of monsoon rains. Moreover increasing import duty for edible oil will support oilseed prices. However, declining meal exports may put extra pressure on Oilseeds as the sowing season progressing.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.