NCDEX May Soybean closed lower on Tuesday due to profit booking to close at 3676 rupees per 100 kg. We have seen some recovery last week but corrected amid weak physical demand and higher availably in with stockists. The prices have been under pressure since the start of April due to forecast of near normal monsoon forecast by IMD. Moreover, higher imports of edible oil also pressurize oilseed prices in the country. Soybean arrivals for the Oct-Mar period are pegged at 77 lt, up by 23.2% on year by SOPA. It expects availability of soybean for crushing, direct use and exports of about 101.8 lt as against 86 lt last year. SEA forecast soybean output at 102.43 lt in 2018/19, up more than 23% y/y.
Outlook
Soybean futures expected to trade sideways in coming days on steady demand from the physical market players. Moreover declining soybean meal export and higher edible oil imports will put extra pressure on Oilseeds.
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Source: Moneycontrol
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