Soybean prices are expected to trade sideways today: Angel Commodities


NCDEX Aug Soybean edged higher mainly on short covering from the lower levels. Prices are still under pressure due to disappointed meal exports figures and good monsoon rains in the soybean bowl in Madhya Pradesh. As per SOPA, press release, the arrivals of soybean improved during June to 4.5 lt compared to Apr and May. Overall, arrivals this season is 89.25 lt compared to 75 lt last year.

Outlook

Soybean futures expected to trade sideways due to expectation of improving sowing progress in central India due to fast progress of monsoon rains. Moreover increasing import duty for edible oil will support oilseed prices. However, declining meal exports may put extra pressure on Oilseeds as the sowing season progressing.

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