Soyabean On NCDEX Settled Up By 1.34% At 3032

Soyabean on NCDEX settled up by 1.34% at 3032 on account of good crushing demand from the mills. However, some gains were capped by improving supplies in the domestic market. Soybean Processors Association of India (SOPA) forecasted soybean production in 2016-17 at 114.91 lakh tonnes against 70 lakh tonnes last year. In 2015-16 Indian farmers had produced 7 million tons to the yellow bean. Total availability of the bean in 2016 is expected to remain at 11.932 million tons including the carry over stock of 441,000 tons from the previous year. Demand for soybean by crusher is not improving due to slow sales of soymeal.

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