Soybean prices to trade sideways to down: Angel Commodities

According to Angel Commodities,Soybean futures are expected to trade on sideways to down on reports of new season arrivals coupled with improved physical demand from oil mill.

September 26, 2017 / 11:52 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' commodity report on Soybean

NCDEX Soybean Oct futures closed plunge more than 2.5% on Monday tracking lower International prices and pressure by the arrival of new season soybean. As per Agmarknet data, soybean arrivals during the first 25 days is pegged at 2.28 lakh tonnes compared to 1.99 lakh tonnes in August for the same period. As per the agri ministry data, India's soybean acreage was at 10.6 million ha as on last week, down 7.7 % from a year ago. The fall in overall acreage has been led by a decline in area under the crop in Madhya Pradesh -- the largest producer -- because of poor rains in the state so far this monsoon season.

Outlook

Soybean futures are expected to trade on sideways to down on reports of new season arrivals coupled with improved physical demand from oil mill. Lower acreage in the country and improved prices of edible oil may support prices.

For all commodities report, click here