Angel Commodities’ report on Soybean
NCDEX Soybean August futures plunge more than 2.20% on Tuesday due to fresh selling by the market participants due to profit booking . As per SOPA, as of June – end, soybean inventories with farmers were at 36 lakh tonnes, over three times the amount a year ago. According to SOPA press release, India’s exports of soymeal rose 56.1% on year to 64,000 tonnes in June. As per government data, area under soybean crop across the country for the 2017 – 18 kharif was 53.6 lakh hectares till last week, up by about 10% on year. Last year, the acreage was 48.6 lakh hectares. CBOT August soybean futures closed higher on Tuesday due to good exports data and drier forecasts for important growing areas of the U.S. Midwest. The Export Inspections report showed that 475,157 tonnes of soybeans were exported during the week of July 6, a 69.07% jump over last week and 21.76% larger than last year.
Soybean futures are expected to trade lower on possibility of further corrections but limited physical supplies, dry spell in soybean areas and expectation of good crushing demand may keep the prices supportive. Mustard seed futures expected to trade sideways due to steady demand from the industrial buyers as supplies sufficient in the physical market.
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