Oilseeds - Oils

Soybean & Soy Oil

April 22, 2017 at 8:17 AM , Mark Overseas
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Increase in the production

Soybean prices rose higher in the international market by retrieving gains from the previous session’s decline even though the slow demand from U.S shipments kept cover on the market while corn edged higher after decreasing by 1 percent on Thursday. Soybeans are down to 0.7 percent by giving up some of last week’s gains.

Higher demand scenario in the Indian domestic markets amid poor selling from the sellers. It is also likely to take positive cues from overseas market which is at present trading up.

A recent USDA report shows that soybean planting is expected to be up nearly 10% from last year.

Which means a lot of farmers will shift from crops like wheat, corn to soybean.

Brazilian farmers are holding their crops anticipating higher prices. This may be favourable for US soybean exports in the short term.

The U.S Department of Agriculture reported that on Thursday the weekly export sales of soybeans decreased to 2,25,000 tonnes which is less as compared to the trade expectations of 4,00,000 to 8,00,000 tonnes.

Refined Soyoil at Indian futures platform may trade on a mixed note with positive bias on higher domestic demand for imported soyoil amid lower domestic crushing activity. Moreover, gradual rise in domestic soybean prices may get reflected on its derivative soyoil.

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