Soyabean On NCDEX Settled Down -0.72% At 3046

Soyabean on NCDEX settled down -0.72% at 3046 tracking weakness in spot demand on increasing arrivals in the mandis. However downside seen limited on prospects of good export demand during coming days as global soy meal prices rallied on production concerns in Argentina. Arrivals across Madhya Pradesh were around 120,000-1000,000 bags of 90 kilograms compared to 135,000 bags of 90 kilograms. Heavy rains in Brazil’s top producing state of Mato Grosso have hampered the harvesting and raised the quality concern for the developing soybean crop. Imea farmers institute said, soybean harvesting in Mato Grosso, where the harvesting first started, was 11.9% complete by last week, extended 6% more than previous week.

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