Soyabean On NCDEX Settled Down -1.17% At 3122

Soyabean on NCDEX settled down -1.17% at 3122 on expectation of higher supply in global market. As per Farm Futures survey of growers in US, farmers are expected to plant 90.5 million acres of soybeans this spring, topping the record high set last year by about 7 million acres. International Grain Council (IGC) hiked world soybean production by 6% for the current oil period 2016-17 (Oct-Sep) on robust harvest in major bean growers. World soybean output is expected to rise to 334.2 million tons compared to 315.7 million tons estimated for 2015-16 period, IGC said in its grain market report. IGC expects world soybean closing stockpiles for 2016-17 at 35.4 million tons compared to 33.9 million tons in the same period a year ago.

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