NCDEX Dec Soybean futures due to profit booking at higher levels tracking weakness in uptake by the oil mills. However, in Oct and Nov, the price have been trending higher on expectation of improving soybean and soymeal demand from China in coming months. According to senior government officials, China is likely to open its doors to soybean from India after allowing the import of non - basmati rice and raw sugar. As per SOPA, India's soymeal exports in 2018/19 could jump as much as 70% from a year ago, buoyed by expected purchases from the world's biggest soybean buyer China. Moreover, govt. plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season
Outlook
Soybean futures expected to trade sideways on limited arrivals in physical market, expectation of government procurement at MSP and improving physical demand for new season crop from oil mills.
Source: moneycontrol.com