According to Angel Commodities, NCDEX Oct Soybean closed lower after touching 3 - day high in the morning session due to lower than expected meal exports from the country coupled with forecast of bumper soybean crop in coming season.
Angel Commodities' report on Soybean
NCDEX Oct Soybean closed lower after touching 3 - day high in the morning session due to lower than expected meal exports from the country coupled with forecast of bumper soybean crop in coming season. According to the data released by SEA, India's soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers. For Apr - Aug, India's soymeal exports down by 4% on year at 3.72 lakh tonnes. The area under soybean in the country up 6 .3 % at 111.9 lakh ha as of last week compared to last year sowing, according to data released by the farm ministry. According to the trade body, this year soybean production will be 20% higher than the last year production. However, weaker rupees is supporting meal exports which helps in improving demand for soybean from the mills.
Soybean futures are expected to trade sideways due to bumper crop prospects on good rai ns in soybean growing areas states of MP and Maharashtra. Prices may get support on better crushing demand on improving exports demand for soy meal exports.
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