Soyabean Settled Up 0.73% At 3716

Soyabean settled up 0.73% at 3716 on lower level buying by the market participants amid higher prices in international markets. However, poor demand for crushing by the oil mills and lower meal export capped some gains. Edible oil market is maintaining an upper bias due to short-covering amid slight triggers in buying. 

In the second Advance Estimates of production of major crops for 2015-16, soybean production is pegged at 9.13 mt compared to last year estimates of 10.53 mt. Reports of lower production estimates for 2015- 16 by govt may support prices if import duty on edible oil increased and any decision on withdrawing of stock limits. The weather conditions in the South American soybean producing regions had positive changes. A dry forecast is expected in the near term.

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