Angel Commodities’ report on Soybean
NCDEX Dec Soybean futures edged higher for the second consecutive session on lower physical arrivals and reports of improving meal exports in Nov – Dec. However, a s per SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn during last two months while arrivals have been at higher side at 41 lakh tonnes, up 14% compared to last year. Prices have been steady during last month on improving demand from the oil mills on expectation of improving soybean and soymeal demand from China in coming months. According to senior government officials, China is likely to open its doors to soybean from India after al lowing the import of non – basmati rice and raw sugar.
Outlook
Soybean futures expected to trade sideways on higher arrivals in physical market after elections are over. Government procurement at MSP and improving physical demand for new season crop from oil mills may keep prices steady.
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