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NCDEX Oct Soybean Commodities Prices Reach Higher For Second Consecutive Session

NCDEX Oct soybean commodities prices jumped higher for the second sequential session on October 04, 2018, on the expectation of increasing demand from oil mills because of weak rupees.

Soybean futures are anticipated to trade sideways to higher on the hope of improving demand from oil mills, the expectation of soy meal exports demand and MSP (Minimum Support Price) procurement.

The soybean yielded a productive harvest due to good rains in these crop growing areas. This indicated that the soybean prices may stand near MSP levels.

During the past quarter from July to September 2018, the Soybean prices stopped at 8.9 percent lower. The commodity market is anticipating bumper crop during the next season. Also, the market is expecting good crushing demand because of increased exports to China. Indeed, China has revealed an interest in purchasing soybean de-oiled cake made in Maharashtra.

The soybean yield is predicted to about 22.5 percent higher at 134 .6 lakh tonnes on-year, according to 1st advance estimate 2018/19. Based on the data available on the SEA, our Country’s soy meal exports are decreased by 32 percent on year to 59,643 tonnes in August month because of the low demand from the chief importers. Our Country’s soymeal exports are decreased by 4 percent on-year at 3.72 lakh tonnes from April to August.

The NCDEX Oct Soybean commodities prices reached higher for the second sequential session, according to Angel Commodities, as reported on Money Control.

The farmers were concerned about the soybean harvest this summer due to the hot and dry weather. However, the USDA reports about a record crop.

Just about 30 percent of the soybeans have been harvested last week as only four days were suitable for work, as per the most recent crop reports from the USDA. However, this is much higher than the 17 percent harvest during the same time last year.

The NCDEX Oct Soybean commodities prices drop every year, and it is anticipated this year also as USDA is predicting a record 438 million bushels of soybeans, said Dennis Wang, Commodity broker, as reported on Your News Leader.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Bindhu Mol. G loves writing news articles. She excels in SEO articles, technical articles and academic articles. She covers commodities and mutual fund news for OWLT Market.

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