NCDEX Mar Soybean futures slipped more than 1.4% on Monday due to fresh selling. There are concern about slowing physical demand, increased arrivals and higher production forecasts. As per latest press release by SOPA, India’s soybean output is likely to rise by a staggering 38% to114.8 lakh tonnes this year due to increase in average yield across the country. However, in January, prices jumped about 12.5% on higher exports of soybean meal. Soymeal exports from India are expected to rise 25% on year to around 15 lakh tn in 2018-19 (Apr-Mar). 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 210,166tonne, as per SEA press release. Soymeal exports are higher by 16% at 10.66 lakh tonnes for the Apr-Jan period compared to last year.
Outlook
Soybean futures expected to trade sideways to lower on expectation of technical selling. However, good physical demand for new season crop from oil mills due to higher meal exports may keep prices supportive in coming weeks.
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Source: Moneycontrol
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