Soyabean On NCDEX Settled Down -0.38% At 3125

Soyabean on NCDEX settled down -0.38% at 3125 amid profit booking on expectation higher supply in global market. Pressure also seen on prices on oversupply woes from United States, the world's biggest soybean producer, after US Department of Agriculture (USDA) hiked it's estimated for soybean production and ending stockpiles. Estimation of various consensus suggested that India's soybean production may hit 11.10 million tons compared to against 7.20 million tons of previous year, up by 54% year on year. The United States department of agriculture (USDA) hiked 2016-17 United States soybean production forecast for October and also raised its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.

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