Soybean prices marginally declined yesterday owing to meal exports data which was released around 11 AM IST.
Oil meal exports in financial year were higher but exports during recent January month has dropped by 14% which kept prices under pressure. CBOT prices ended flat on Tuesday on absence of fresh triggers for price movement.
Outlook:
Positive trend in soybean prices is forecast to continue for today. As per the survey production estimates for Brazil is around 71 million tons down by 3 million tons and Argentina is 48 million tons down by 2 million tons.
Estimations of drop in palm oil stock piles in Malaysia to five month low amidst of tight supply situation could support the prices.
Some showers are helping soybean crop in Argentina which could limit any steep gains. In the domestic markets though the meal demand is absent, stockists buying has reemerged looking into weaker crop outlook intensifying day by day.
Peak arrivals season in Indian markets has come to an end amidst of good demand. Overall tight supply situation of oilseeds might keep prices positive for the day.
Courtesy: Karvy Commtrade Ltd.
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