Soyabean On NCDEX Settled Down By -0.48% At 3109

Soyabean on NCDEX settled down by -0.48% at 3109 on subdued demand for soymeal in export market and on hope of higher output in global market. India's soybean output during 2016-17 is expected to rise by 56% despite reports of crop damages in Madhya Pradesh, Maharashtra and Rajasthan, the SOPA said. India's total yellow bean production in 2016-17 seen at 10.8 million tons compared to 6.92 million tons in the same period a year ago, SOPA said in a press release after conducting soybean crop survey from Sep 21 to Sep 30 in the three major soybean growing states to assess the crop condition. 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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