NCDEX Soybean continue to trade positive this week supported by good demand from the physical market on expectation of improving crushing from the oil mills. Moreover, government plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1 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 For Apr – Aug, India’s soymeal exports down by 4% on year at 3.72 lakh tonnes.
Outlook
Soybean futures expected to trade higher on expectation of government procurement and improving physical demand for new season crop from oil mills. However, expectation of bumper crop prospects may limit the gains.
