Soybean prices to trade sideways to higher: Angel Commodities

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' report on Soybean

NCDEX Soybean Oct  futures closed lower for the third  consecutive session and see some fresh selling  on expectation of  increase  in  arrivals  for new season crop . Moreover, extend in the limits on stocks of oilseeds and edible oils with traders and mills till September 30, 2018 also bearish for the oilseeds. As the prices of soybean move below the MSP in key physical markets, central government has given approval for procurement of 100,000 tn soybean from farmers in Maharashtra and 150,000 tn of the oilseed from Rajasthan at minimum support price.

Outlook
Soybean futures are expected to trade on sideways to higher on reports that government is expected to step in for procurement of soybean in Maharashtra and Rajasthan to help farmers. However, new season arrivals may keep pressure on prices. Lower acreage in the country and improved prices of edible oil may support prices.

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