We expect Ref Soy oil to trade higher on improving domestic demand – Angel Commodity

NCDEX Feb Soybean futures closed little higher on Thursday after slipping 3-week low in the previous session. Recently, Prices have corrected from higher levels due to profit booking and lower demand from the oil mills. However, in January, prices jumped about 12.5% on higher exports of soybean meal. Soymeal exports from India are expected to rise 25% on year to around 15 lakh tn in 2018-19 (Apr-Mar). Demand for Indian soymeal is growing from Europe and West Asia while Iran is emerging as one of the largest buyers Soymeal exports up by 42% on year in December to 240,530 tonne, as per SEA press release. Soymeal exports are higher by 6% at 994,303 tonnes for the Apr- Dec period compared to last year. In second advance estimates by state government, production forecast for soybean in Madhya Pradesh by about 35% higher to 72 lakh tonnes compared to last year.

CBOT Soybean futures edged higher on Wednesday on renewed Chinese demand for U.S. shipments and worries about a smaller Brazilian soy crop, but gains were limited by abundant global supplies and an uncertain outcome. The USDA reported nearly 3 million tonnes of U.S. soybean export sales on Tuesday, mostly to China, after high-level talks last week between the United States and China.

 

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