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Tuesday, November 7, 2017

Soybean prices to trade sideways due to higher: Angel Commodities

According to Angel Commodities,Soybean futures are expected to trade sideways due to higher arrivals from new season crops. However, anticipation of good demand for the domestic oilseeds as government is going to hike import duty on edible oil and oilseeds

NCDEX Soybean Nov futures closed more than 2%, higher single  day fall in one month on Monday pressurize by new season arrivals Last week the prices have improved  due to  reports  that  government  may hike import duty  on edible oil  and oilseeds  which will enhance domestic oilseed demand. As per Agmarknet data, in the last week of October the arrivals of soybean in the country increased to 6.2 lt compared to 5 lt last.

Outlook
Soybean futures are expected to trade sideways due to higher arrivals from new season crops. However, anticipation of good demand for the domestic oilseeds as government is going to hike import duty on edible oil and oilseeds. There are reports that government is expected reimburse farmers on Madhya Pradesh if soybean is sold below MSP.
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