NCDEX Jul Soybean edged higher on Tuesday due to technical bounce
CBOT Soybean closed lower on Tuesday on forecast of dry weather in coming weeks which will enhance sowing activities. Money managers in soybean futures and options trimmed their net short position by 35,848 contracts as of 6/18 to -55,307 contracts according to COT data. Chinese imports of soybeans were down 24% in May from the same month last year at 7.36 MMT, with 977,024 MT from US.
The prices have been under pressure due to expectation of higher planting and sufficient stocks in the physical market. Moreover, slow down in soymeal exports is also a worry. 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. Soybean futures expected to trade sideways due to advancement of
monsoon rains in Central India. Moreover increasing edible oil
imports and declining meal exports may put extra pressure on
Oilseeds as the sowing season progressing.
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