Soybean: Moderate demand witnessed

Soya bean market opened lower but moved up in the first two hours of the session after which it was trading sideways lower till the end bur was above the open.

Fundamental Outlook

Farmers in Argentina, frustrated that they are making no progress in convincing the government to reduce the export tax on soybeans, are refusing to make any soybean sales this week.

The USDA said that last week's export inspections of Soybeans totaled 20.5 million
bushels, down 29% from a year ago.

The USDA said that 110,000 tons of U.S. corn were sold to South Korea and 20,000 tons of soybeans were sold to unknown destinations.

Arrivals were reported at around 800 quintals in Indore mandi today and the millers are not willing to offer more then Rs 2350 per 100kg in spot market.

Slower arrivals have been supportive for the market for higher price action the prices are expected to remain stable due to moderate demand in the market.

Courtesy: Motilal Oswal Commodities Broker Pvt. Ltd.

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