Soyabean On NCDEX Settled Up By 1.46% At 3119

Soyabean on NCDEX settled up by 1.46% at 3119 on bargain buying at lower level and on improvement in demand from oil millers. However, the climate looks favourable for the harvesting activity to continue at its normal pace. According to trading sources, arrivals of soybean in Madhya Pradesh, were pegged to be at 900,000 bags, compared to 500,000 bags previous day. Moreover, forecast of dry weather in Rajasthan, MP and Maharashtra may hasten the harvesting of soybean. In Rajasthan, area under soybean cultivation has been reduced by 10% from the figure reported by the government because substantial area was seen converted to black gram, moong, maize etc. as compared to last year.

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