Soyabean On NCDEX Settled Up By 0.37% At 3753

Soyabean on NCDEX settled up by 0.37% at 3753 on short covering after prices dropepd on supply hope in domestic market following reports improved monsoon rains and on weak demand for the crop in export market. As on 17th July, soybean sowing was recorded at 9.66 million hectare, same as from a year ago as per the government data. Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. As per the USDA weekly export sales report till now, around 364,200 tons net sales were reported for 2015-16 which were down by 43% on week and 49% from prior 4-week average.

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