NCDEX Mar Soybean futures edged lower on fresh selling by the market participants. It slipped to 4-week low last week on higher production forecasts but now trend look positive. As per latest press release by SOPA, India’s soybean output is likely to rise by 38% to 114.8 lakh tonnes this year due to increase in average yield across the country. Demand for Indian soymeal is growing from Europe and West Asia while Iran is emerging as one of the largest buyers. Soymeal exports up by 98% on year in January to 210,166 tonne, as per SEA press release. Overall, Soymeal exports are higher by 16% at 10.66 lakh tonnes for the Apr- Jan period compared to last year. Soymeal exports from India are expected to rise 25% on year to around 15 lakh tn in 2018-19 (Apr-Mar).
CBOT Soybean ended Wednesday with gains mainly on technical buying and support from the cut in forecast for Brazil's 2019 soy exports. Brazil is expected to export 70.2 million tonnes of soy in 2019, consultancy. The forecast for Brazil's total soybean production was revised down slightly to 116.4 mt, compared with the prior forecast earlier this month of 116.5 mt, Agroconsult said on Wednesday, cutting its previous forecast of 73 mt. US acreage estimates from Informa were trimmed by 160,000 acres to 86.044 million.
Outlook
Soybean futures expected to trade sideways to lower on expectation of more correction. However, reports of lower soy oil imports, which may need higher crushing in coming weeks.
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Source: Moneycontrol
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