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Soybean futures expected to trade sideways: Angel Commodities

Date: 21-05-2019
Subject: Soybean futures expected to trade sideways: Angel Commodities
NCDEX Soybean corrected last week after it climb to 5-week high due to profit booking at higher levels to close at 3,715 rupees per 100 kg. It got strength earlier last week due to expectation of improving demand on forecast on below normal rains in monsoon season by Skymet. Moreover, lower crude soybean oil stocks at port also support soybean prices but lowering of tariff on edible oils and lower soyoil in international market pressurize soybean. USDA in its monthly report forecast output at 109 lt in 2019/20, down 5% compared to last year. As SEA, soymeal exports are revised higher to 13.58 lt, up 14.3% in 2018/19. SEA revised March 2018 exports figures to 2.15 lt which is highest single month exports in last 26 months. As per latest SOPA press release, soybean arrivals for the Oct-Apr period pegged at 81 lt, up by 21.8% on year. Until April, country crushed about 62 lt of soybean compared to 55.5 lt last year for same period.

CBOT Soybean fell more than 2% on Friday on over the US China trade war which will affect exports of soybean in coming months. Commitment of Traders data shows managed money spec funds adding 8,282 contracts to their record net short position of 168,835 contracts in the week ending May 14. USDA data shows total export commitments at 94% of the 18/19 projected total, down from the 98% average. According to USDA data, US soybean export down 5.3% m/m to 48.3 mt in 2018/19. Brazil will be largest soybean producing country in 2019/20 at 123 mt, up 5% on year.

Soybean futures expected to trade sideways in coming days on improving mill demand on expectation on steady meal exports. However, higher production and increase edible oil imports will put extra pressure on Oilseeds at higher levels.

Source: moneycontrol.com

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