According to Angel Commodities, NCDEX Soybean edged lower on Thursday due to profit booking at higher levels to close at 3,769 rupees per 100 kg.
Angel Commodities' report on Soybean
NCDEX Soybean edged lower on Thursday due to profit booking at higher levels to close at 3,769 rupees per 100 kg. It climb to 5-week high earlier in the week due to improving demand on forecast on below normal rains in monsoon season by Skymet. Moreover, lower crude soybean oil stocks at port also support soybean prices. USDA in its monthly report forecast output at 109 lt in 2019/20, down 5% compared to last year. As SEA, soymeal exports are revised higher to 13.58 lt, up 14.3% in 2018/19. SEA revised March 2018 exports figures to 2.15 lt which is highest single month exports in last 26 months. As per latest SOPA press release, soybean arrivals for the Oct-Apr period pegged at 81 lt, up by 21.8% on year. Until April, country crushed about 62 lt of soybean compared to 55.5 lt last year for same period. As per SOPA, availability of soybean for crushing, direct use and exports of about 101.8 lt as against 86 lt last year.
Soybean futures expected to trade sideways to higher in coming days on improving mill demand on expectation on improving meal exports. However, higher production and increase edible oil imports will put extra pressure on Oilseeds at higher levels.
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