NCDEX Soybean edged higher for 4th consecutive session this week to close at 3,735 rupees per 100 kg on fresh buying amid anticipation of meal demand from China due to higher tariff by US on China. As per the latest press release by SEA, soymeal exports are revised higher to 13.58 lakh tonnes, up 14.3% in 2018/19 compared to last year. SEA revised March 2018 exports figures to 2.15 lakh tonnes which is highest single month exports in last 26 months. 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.
Outlook
Soybean futures expected to trade sideways to higher in coming days on improving mill demand on expectation on improving meal exports. However, higher production, forecast of normal monsoon and increase edible oil imports will put extra pressure on Oilseeds.
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