According to Angel Commodities, NCDEX Jan Soybean futures fell on Monday on profit booking on anticipation of improving arrivals but good demand from the oil mills may keep prices supported.
NCDEX Jan Soybean futures fell on Monday on profit booking on anticipation of
improving arrivals but good demand from the oil mills may keep prices supported. USDA
in its December update, showed no changes to the India output at 11 mt for 18/19 season,
but up 32% on year. USDA pegs soymeal production up 2.2% on month and 22% on year
at 75 lakh tonnes in 2018/19 due to increase in crushing by 22% this season. A s per
SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn
during last two months (Oct - Nov) while arrivals have been at 41 lakh tonnes, up 14%
compared to last year. According to senior govt officials, China is likely to open its doors
to soybean from India after allowing the import of non - basmati rice and raw sugar.
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