Soyabean On NCDEX Settled Down -1.1% At 3688

Soyabean on NCDEX settled down -1.1% at 3688 as pressure seen due to steady sowing process of the oilseed continued due to a good monsoon season. The US Department of Agriculture said net soybean sales for the week ended July 14 totaled nearly 1.33 million metric tons for the 2015-16 and 2016-17 seasons, which topped forecast for 600,000 to 1.3 million tons. The SOPA has estimated a 3-5 % dip in kharif soybean sowing to 112.2 lakh hectares (lh). Moreover, low demand and expectation of good production from next year crop and reports of higher edible oil imports may keep pressurizing the prices. As on 17th July, soybean sowing was recorded at 96.6 lh, same as from a year ago as per the government data.

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