According to Angel Commodities, expect Soybean prices expected to rebound from the lower levels.
Angel Commodities’ report on Soybean
Soybean May futures continue fall this week for the fourth consecutive session on Thursday due to long liquidation on anticipation of lower demand by the market participants at higher levels. The open interest too decline by 4750 tonnes. As per Agmarknet, arrivals of soybean during Apr 1-25 is 2,32,853 tonnes while during in Mar it was about 2,83,644 tonnes during same time frame.
We expect Soybean prices expected to rebound from the lower levels. The supplies have been lower while there is good demand from the crushers. The prices of Ref Soy oil and CPO may trade sideways to lower on expectation of record oilseed crop. Moreover, adequate supplies and cheap imports is keeping the prices under control but increasing domestic demand may keep prices supported.