NCDEX Jan Soybean futures closed higher due to some short covering on Monday. Moreover, firm trend in international markets and improved physical demand from the oil mills also supported price rise. 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. As per SOPA officials, India's soymeal exports are expected to have declined 24% on month to around 2 lakh tons in December, primarily due to appreciation in the rupee against the dollar. 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.
Outlook
Soybean futures expected to trade sideways to higher due to improve demand for crushing. Government procurement at MSP and improving physical demand for new season crop from oil mills may keep prices supportive in coming weeks.
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