Soyabean On NCDEX Settled Up By 1.68%

Soyabean on NCDEX settled up by 1.68% at 3155 on strong demand for oil and meal due to positive crushing margin. Crushers are carrying soybean stock of around 20-25 days so crushing is happening with maximum capacity. According to market source India has received export orders of around 250,000-300,000 tons of soymeal as disparity of India soymeal to Argentina soymeal is around $1 which has tempted International buyers to buy soymeal from India. 

Arrivals at the spot markets are increasing now with daily arrivals at 400,000-450,000 bags as against 150,000-200,000 bags during previous week. The USDA in its weekly sales said that weekly US export sales were 1.8 million tons compared to trader's expectations of 1.2-1.5 million tons. 

Further, the department also reported soybeans inspected for export climbed 44% from the same week a year earlier with China taking 73% of the weekly total sales. Bean prices will also be up on uncertainty about crop weather as the South American growing season gets underway. 

Heavy rains over Argentina in October had delayed the soybean planting but have improved the soil moisture which has boosted the 2016/17 soybean production estimate by 2% to 55.3 million tonnes compared to last year’s estimates which stood between 45.8 million tonnes, estimated by various agencies.

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