According to Angel Commodities, NCDEX Aug Soybean closed lower on Tuesday due to profit booking at higher levels on expectation of better output and higher imports of edible oil due to lower tariff value.
Angel Commodities' report on Soybean
NCDEX Aug Soybean closed lower on Tuesday due to profit booking at higher levels on expectation of better output and higher imports of edible oil due to lower tariff value. As per farm ministry, acreage under soybean is 51.94 lakh ha so far, up from 27 l hac from previous week but down about 19% from last year acreage of 64.04 lakh ha. This season so far, area in MP and Maharashtra, where reportedly lower by 21%. Government hike minimum support price by 9% or 311 rupees to 3,710 per 100 kg for 2019/20 which also helps to increase acreage this year.
Outlook
Soybean futures expected to trade sideways due to expectation of improving sowing progress in central India due to fast progress of monsoon rains. Moreover reports of increasing import duty for edible oil will support oilseed prices. However, declining meal exports may put extra pressure on Oilseeds as the sowing season progressing.
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