Jun Soybean Edged Lower Last Week

NCDEX Jun Soybean edged lower last week on profit booking by the market participants. The prices have been on uptrend on expectation of better demand for crushing from oil mills as govt is planning to hike import duties of soft oil – soy oil, rapeoil and sunflower oil. The government is likely to raise the incentive under Merchandise Exports from India Scheme on soymeal to 10% of free-on-board value from the current 7%. Soybean acreage is expected to be higher in coming kharif season as prices are attractive for the farmers. Production forecast for soybean is pegged at 108 lakh tonnes (lt) compared to 90 lt last year due to normal monsoon forecast while domestic crushing will increase 11% to 91 lt amid higher import duty and weaker rupees as per USDA monthly report.

CBOT Jul Soybean futures rose for the fifth time in six sessions on Friday supported by rising demand from top importer China following an easing of trade tensions with the top soy importer. During the Brazilian trucker strike, now suspended, ABIOVE stated that meal and soy oil production had “practically” stopped. Argentina may halt the gradual lowering of soybean export taxes as the government speeds up its deficit-cutting effort. BAGE places the Argentine soybean harvest at 80.3% complete, now behind the average of 84.9%.

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