Soybean prices to trade sideways today: Angel Commodities

A bushel of soybeans are shown on display in the Monsanto research facility in Creve Coeur, Missouri, July 28, 2014. Monsanto engineers designed a chipper to shave a tiny tissue sample off a seed to analyze the seed's genetics. If the sample is positive for desirable genetic traits, the seed is still viable so a breeder can plant it in a field test and use it in the breeding process to create more seeds of its kind. Picture taken July 28, 2014. 20 of 25 Monsanto Stand Alone Picture Package. REUTERS/Tom Gannam (UNITED STATES - Tags: ENVIRONMENT FOOD SCIENCE TECHNOLOGY AGRICULTURE) - RTR42TJN

Angel Commodities' report on Soybean

NCDEX Oct Soybean closed lower after touching 3 - day high in the morning session due to lower than expected meal exports from the country coupled with forecast of bumper soybean crop in coming season. According to the data released by SEA, India's soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers. For Apr - Aug, India's soymeal exports down by 4% on year at 3.72 lakh tonnes. The area under soybean in the country up 6 .3 % at 111.9 lakh ha as of last week compared to last year sowing, according to data released by the farm ministry. According to the trade body, this year soybean production will be 20% higher than the last year production. However, weaker rupees is supporting meal exports which helps in improving demand for soybean from the mills.

Outlook

Soybean futures are expected to trade sideways due to bumper crop prospects on good rai ns in soybean growing areas states of MP and Maharashtra. Prices may get support on better crushing demand on improving exports demand for soy meal exports.

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