Soyabean On NCDEX Settled Up By 0.68% At 3123



Soyabean on NCDEX settled up by 0.68% at 3123 tracking higher prices in overseas market following strong demand from China, the world's biggest importer. However, arrival of new season crop from Madhya Pradesh, Rajasthan and Maharashtra along with hopes of bumper crop output capped some gains. Meanwhile, the central government has allowed procurement of soybean at minimum support price in Maharashtra. The government agencies procure a crop at the minimum support price when prices fall below it in the spot markets. The farmers are also releasing their supplies slowly anticipating prices to go up further. Forecast of dry and clear weather in Rajasthan, MP and Maharashtra will improve harvesting process of soybean.

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