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Soybean-653x435

Soybean prices to trade sideways due to higher:

NCDEX Soybean Nov futures closed more than 2%, higher single day fall in one month on Monday pressurize by new season arrivals Last week the prices have improved due to reports that government may hike import duty on edible oil and oilseeds which will enhance domestic oilseed demand. As per Agmarknet data, in the last week of October the arrivals of soybean in the country increased to 6.2 lt compared to 5 lt last.

OutlookSoybean futures are expected to trade sideways due to higher arrivals from new season crops. However, anticipation of good demand for the domestic oilseeds as government is going to hike import duty on edible oil and oilseeds. There are reports that government is expected reimburse farmers on Madhya Pradesh if soybean is sold below MSP.