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.
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