Soyabean On NCDEX Settled Up By 0.11% At 3617

Soyabean on NCDEX settled up by 0.11% at 3617 tracking higher international market prices on concerns over potential adverse weather over the next month in key US growing regions. However, hopes for better than expected harvest this year and good sowing progress in India, capped some gains. India's soybean sowing is likely to be down by 3% as farmers have switched to other crops such as urad, tur, maize and paddy, said Indore based Soybean Processors Association of India.

On all India basis, it estimated that area under soybean may decrease by about 3% over last year," said SOPA in a release. While acreage has declined in Madhya Pradesh and Rajasthan sowing is up in Maharashtra. Madhya Pradesh, Maharashtra and Rajasthan contribute nearly 80% in India's total soybean out with the largest producing state. There have been some shifts in planting this kharif season by farmers of Maharashtra and Madhya Pradesh as far as soybean is concerned. In some parts of Maharashtra, they have shifted from cotton to soya and in other parts, they have moved to pulses from soybean.

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