Soyabean On NCDEX Settled Up By 0.36% At 3613

Soyabean on NCDEX settled up by 0.36% at 3613 amid short covering and onsupply concerns from United States and on hope of higher demand. However, high acreage of the oilseed and lower demand for soymeal, capped some gains. Around 76% of the soybean crops have been planted which is higher than last year as well as 5-years prior average. Meanwhile, 44% of the crops are setting pods which were 29% last year. Further, weak export data reported by India and United States is also putting pressure on yellow bean by indicating weak demand scenario. 

US weekly soybean export net sales for the period July 8-14 dropped 11% at 325,000 ton for 2015-2016 from the previous week and 46% from the prior 4-week average. 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. Even as sowing has just begun in many parts of the country, the area under soyabean last year (kharif 2015) was estimated at 110.656 lakh hectares, which may fall owing to lower returns from the crop. The export of soyameal in June 2016 stood at 17,934 tonnes as compared to 16,647 tonnes in June 2015, showing a marginal increase of 7.73 per cent over the same period last year.

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