Soyabean Settled Up By 0.11% At 3689

Soyabean settled up by 0.11% at 3689 on fresh buying support, guided by firm spot markets. Rising demand of soymeal also enthused trading sentiments. However, lower prices at international markets ahead of the release of USDA’s acreage forecasts at its annual two-day Outlook Forum that expected to say that farmers will plant more soybeans this year than last, capped some gains.

 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 government may support prices if import duty on edible oil increase. Moreover, timely rainfall recently have boosted yields for late sown crops in Brazil and Argentina, a major U.S. rivals for soybean production and export, capped further gain. US Agriculture Department expected to forecast that US farmers would plant 83.302 million acres of soybeans in 2016 at its annual outlook forum.

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