CAPITALSTARS TUESDAY SOYABEAN FUTURES AGRI MAKET NEWS UPDATE 18 JUNE 2019

NCDEX Jul Soybean fell 1.5% on Monday on profit booking as there are chances of higher planting this season.

 CAPITALSTARS INVESTMENT ADVISOR

Soybean futures expected to trade sideways due to reports of higher acreage this season. Moreover, increase edible oil imports will put extra pressure on Oilseeds as the sowing season approaching.

As per farm ministry, acreage under soybean was 37,000 ha so far, lower than 75,000 ha from a year ago. As per latest SOPA press release, soybean arrivals for the Oct-May period pegged at 84.75 lt, up by 19.4% on year. Until April, country crushed about 67.8 lt of soybean compared to 60.5 lt last year. In the 3rd advance estimates, government increased production forecast of soybean to 137.43 lt (Vs 109.33 last year). As per SEA, country export only export 40,000 tonnes of soy meal in May down 41.4% y/y. Moreover, for Apr-May period, India shipped out about 58,470 tonnes of soybean meal down 59% compared to last year

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