Soyabean On NCDEX Settled Down By -1.63% At 3628

Soyabean on NCDEX settled down by -1.63% at 3628 on reports of improved sowing along with good distribution of rains and weak demand for Indian soymeal in export market. Prices will be under pressure on hope of higher supply after weather forecast stated that monsoonal precipitation will favour southern and eastern India during the next few days. Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. Soybean acreage in the country is likely to decline but it may not affect the yield in the country due to hopes of good yield. As on now, soybean sowing was recorded at 10.6 million hectare compared to 10.48 million hectare, data showed. Insufficient government support to rein in cheap imports of soyabean oil, costly exports of oilmeal and delayed rains in growing regions may shrink soyabean acreage this year

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