Soybean prices to trade higher today: Angel Commodities

Angel Commodities' commodity report on Soybean

Soybean Jul futures recover on Monday after falling more than 2% on Friday mainly due to bargain buying.  The prices are under pressure on expectation of good sowing progress in the current kharif as monsoon is forecast to be normal. However, reports of increase in Minimum Support Prices (MSP) for soybean by Rs. 175 per quintal to Rs. 2,950 per quintal may support prices. A s per  Agmarknet data, arrivals of soybean  during last week down by  50 % to  21,680 tonnes as compared to  43,859 tonnes  in the  previous week . Are a under the soybean crop across the country  for the 2017 - 18 kharif was at 26,900 ha till last week, up 16.5%  on year. As per SOPA, arrivals of soybean in the country rose to 64 lakh tonnes during Oct - May from 46 lt a year ago due to huge production last year.  India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive.

Outlook
Soybean futures are expected to trade higher due to low level  buying on reduced supplies while anticipation of higher MSP and improving edible oil demand may also support prices. For all commodities report, click here

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