According to Angel Commodities,NCDEX Soybean falls to lowest levels in 2018 of 3,149 per 100 kgs on Monday due to expectations of higher arrivals in coming weeks.
Angel Commodities' report on Soybean
NCDEX Soybean falls to lowest levels in 2018 of 3,149 per 100 kgs on Monday due to expectations of higher arrivals in coming weeks. However, recovered well in the evening to close at 3,226 levels due to reports of China dropping import ban on Indian rape meal. THERE IS expectation of good crushing demand in coming weeks. As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production. As per 1 st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year.
Soybean futures expected to trade positive on improving crushing demand from oil mills, anticipation of exports demand for soy meal exports and MSP procurement. However, expectation of bumper crop prospects may limit the gains in prices.
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