One sided Soybean

April 12, 2017 at 8:51 AM , Mark Overseas
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Increased supplies and steady demand.

Soybean arrivals have been increased in the last week compared to it's steady demand on lower levels. Though the arrivals have increased the supplies in the physical market have decreased in the first 10 days of April compared to last month. 

As per government data, arrivals of soybean during Apr 1-10 are 68'389 while during in Mar it was about 144'655 tonnes during same time frame.

As per latest SEA data, Soymeal exports from the country jumped by 137% to 916,306 tonnes in 2016/17 as compared to 387,298 tonnes during last financial year 2015/16, however, the exports have declined to 107,059 tonnes in Mar compared to 207,977 tonnes in Feb 2017.

The Indian edible oil markets remained is mainly supported by the domestic demand even as the global markets remained weak ahead of the USDA report. On Tuesday, USDA raised its estimates of South American crops and world soy ending stocks. USDA forecasts Brazil's crop at 111 mt, up from 108 mt last month and raised its forecast of global soybean stocks at the end of the 2016-17 marketing year to 87.4 mt, from 82.8 mt in March. 

Moreover, government allowing bulk exports of edible oil may support prices of Soybean as well.

The prices of Soybean will remain on a steady note or decline on expectations of  the steady demand from the crushers.

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