Neal Bhai Report on Soybean
According to the data released by SEA, India’s soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers. For Apr – Aug, India’s soymeal exports down by 4% on year at 3.72 lakh tonnes. However, there is anticipation of good physical demand for crushing due to expectations over rising exports to China.
NCDEX Oct Soybean falls 1.64% on Monday due to profit booking by the market participants expecting bumper crop during next season. The area under soybean in the country up 6 .3 % at 112.6 lakh ha as of last week compared to last year sowing, according to data released by the farm ministry.
Soybean Outlook
China has shown interest in buying soybean de – oiled cake produced in Maharashtra which will help soybean prices to rise above MSP. Moreover, Government is likely to announce Rs 10, 000 Crore package to ensure MSP to oilseeds farmers.
Soybean futures are expected to trade sideways to lower on bumper crop prospects due good rains in soybean growing areas states. However, expectation of improving exports demand for soy meal exports and MSP procurement may support prices.
