According to Angel Commodities, NCDEX Mar Soybean futures closed for the 5th consecutive week amid profit booking by the market participants on higher off-season arrivals and higher production forecasts.
Angel Commodities' report on Soybean
NCDEX Mar Soybean futures closed for the 5th consecutive week amid profit booking by the market participants on higher off-season arrivals and higher production forecasts. As per the latest press release by SOPA, India’s soybean output is higher by38% at114.8 lakh tonnes this year due to an increase in average yield across the country. Demand for Indian soy meal is growing from Europe and West Asia while Iran is emerging as one of the largest buyers. Soy meal exports up by 98% on year in January to 210,166 tonnes, as per SEA press release. Overall, Soy meal exports are higher by 16% at 10.66 lakh tonnes for the Apr-Jan period compared to last year. Soy meal exports from India are expected to rise 25% on year to around 15 lakh in 2018-19 (Apr-Mar).
Outlook
Soybean futures expected to trade sideways to lower on the expectation of more correction. However, reports of lower soy oil imports which may need higher crushing in the coming weeks.
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