Soybean prices to trade sideways today: Angel Commodities - 25 July 2018

capitalstars

According to Angel Commodities, NCDEX Aug Soybean fell to their lowest in nearly six weeks due to fresh selling initiated by market participants on improved sowing data.

NCDEX Aug Soybean fell to their lowest in nearly six weeks due to fresh selling initiated by market participants on improved sowing data. The area under soybean in the country increased by 11% compared to last year sowing at 93.9 lakh ha as of last week, according to data released by the farm ministry. However, expectation of increase in meal exports is keeping prices in a range. Government has increased the export incentives on soymeal to 10% of the free - on - board value from the current 7% till Mar  31 India's soymeal exports in July are expected to hit a six - month  high of around 150,000 tn, supported by increase in demand from European countries.

Outlook

Soybean futures are expected to trade sideways on expectation of good acreage for soybean this season due to forecast of normal rains. However, steady improvement in demand from the oil mills as government increase the incentives for soy meal exports may keep prices supported.