Soyabean On NCDEX Settled Down By -0.77% At 3095

Soyabean on NCDEX settled down by -0.77% at 3095 as prices seen under pressure amid weakening demand in the spot market. Furthermore, anticipation of increase in supplies in the current month, too added pressure on soyabean prices. In its revised crop projection for kharif 2016, the Soyabean Processors Association of India (SOPA) has put India’s soyabean crop at 114.9 lakh tonnes (lt) — about 5 per cent higher than the initial crop estimate of 108.8 lt. The increase in output is attributed to lower damage and better yield mainly in Madhya Pradesh and Maharashtra. The sowing area is recorded at 109.7 lakh hectares with over 90 per cent of the area falling in Madhya Pradesh, Maharashtra and Rajasthan

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