Angel Commodities’ report on Soybean
NCDEX Apr Soybean future fall further on Monday due to disappointed exports figures for soymeal from SEA. As per SEA press release, soy meal exports were provisionally reported at 69,428 tonnes, down 6% on year compared to 73,800 tonnes. Moreover, January exports are revised down to 86,300 tonnes from over 2.1 lakh tonnes pegged in the last month release. Demand for Indian soymeal is growing from Europe and West Asia while Iran is emerging as one of the largest buyers. In the second advance estimates for 2018-19, govt pegged 2018-19 production at 136.9 lt, up 24.7% on year. However, SOPA forecast India’s soybean output is higher by 38% at 114.8 lt due to increase in average yield across the country.
CBOT Soybean futures fell on Monday as traders focused on the lack of an overall trade deal with the world’s largest oilseed importer. Soybean exports in the week that ended on March 7 were tallied at 874,363 MT, above last week but down 6% from this week last year. The USDA raised its forecast of global 2018/19 soy ending stocks to 107.17 mt, from 106.72 mt last month. Safras & Mercado estimates the Brazil soybean harvest was 52.1% complete as of March 8, compared to the 46.4% average.
Soybean futures expected to trade on sideways to lower due to steady demand and higher availability in the physical market. Moreover, slower exports for soymeal from India are also pressurizing prices.
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