Soyabean On NCDEX Settled Down

Soyabean on NCDEX settled down by -1% at 3064 on weak demand for the crop in export market and on expectation of higher supply in global market. Subdued weekly sales export data reported by United States Department of Agriculture (USDA) put pressure on bean prices next week. According to USDA, weekly export sales report, net sales of around 1.3 million tons was reported which is down by 26% from previous week and 17% from the prior 4-week average. Prices were also down on oversupply woes after data compiled Reuters showed that Brazilian soy bean crop is estimated up year on year at 103.1 million tons up by 7.6 million tons last season.

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