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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