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Soybean prices to trade sideways: Angel Commodities – Moneycontrol – Moneycontrol.com

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Angel Commodities’ report on Soybean

NCDEX Soybean August futures closed lower on Tuesday as market participants are exiting their positions in near month contract. However, Sep contract closed with gain due to fresh buying tracking lower acreage and dry conditions in soybean growing areas of MP. As per government data, soybean planting fell 10.4% to 99 lakh hectares compared with the same period last year. Last year, the acreage was 110 lakh hectares. According to a release issued by Soybean Processors Association of India (SOPA) on Tuesday, export of soybean meal and its other value added products during July 2017 has been pegged at 0.98 lt compared to 0.29 lt in July 2016 showing an increase of 235 % over the same period of last year,

Outlook

Soybean futures are expected to trade sideways due to steady demand and lower acreage in kharif. Moreover, good crop conditions of soybean central India may pressurize prices. However, expectation of good crushing demand on reports of hike in import may support prices.

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