According to Angel Commodities, NCDEX Jul Soybean edged lower on Friday and closed lower for the week on mixed fundamentals of good acreage and improved demand from the oil mills due to higher crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively.
NCDEX Jul Soybean edged lower on Friday and closed lower for the week on mixed fundamentals of good acreage and improved demand from the oil mills due to higher crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively. Prices have been under pressure on forecast of normal rains and lower meal exports data from both SEA and SOPA is weighing on prices this month.
Outlook
Soybean futures are expected to trade sideways to down on technical corrections on expectation of higher sowing due to forecast of normal rains but expectation of improved domestic crushing demand due to hike in import duty for soft oil may support prices.
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