NCDEX Jan Soybean futures fell on Monday on profit booking on anticipation of improving arrivals but good demand from the oil mills may keep prices supported. USDA in its December update, showed no changes to the India output at 11 mt for 18/19 season, but up 32% on year. USDA pegs soymeal production up 2.2% on month and 22% on year at 75 lakh tonnes in 2018/19 due to increase in crushing by 22% this season. A s per SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn during last two months (Oct - Nov) while arrivals have been at 41 lakh tonnes, up 14% compared to last year. According to senior govt officials, China is likely to open its doors to soybean from India after allowing the import of non - basmati rice and raw sugar.
Outlook
Soybean futures expected to trade higher as arrivals have not improved. Government procurement at MSP and improving physical demand for new season crop from oil mills may keep prices steady.
We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.
Visit: www.ripplesadvisory.com
Contact us @ +91-9644405056
Source: Moneycontrol
No comments:
Post a Comment