According to Angel Commodities,NCDEX Oct Soybean traded in narrow range since last two sessions as market is expecting bumper crop during next season and lowering meal exports data.
Angel Commodities' report on Soybean
NCDEX Oct Soybean traded in narrow range since last two sessions as market is expecting bumper crop during next season and lowering meal exports data. As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production. As per 1 st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year. India's soymeal exports fell 32 % on year to 48,000 tn in September, according to the latest report by The Soybean Processors' Association of India. For A pr - Aug, India's soymeal exports down by 4% on year at 3.72 lakh tonnes. However, there is anticipation of good physical demand for crushing due to expectations over rising exports to China. China has shown interest in buying soybean de - oiled cake produced in Maharashtra.
Soybean futures expected to trade sideways to lower on expectation of bumper crop prospects due good rains in soybean growing areas near MSP levels. However, improving crushing demand from oil mills, anticipation of exports demand for soy meal exports and MSP procurement.
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