Soyabean On NCDEX Settled Down By -0.49% At 3031

Soyabean on NCDEX settled down by -0.49% at 3031 due to ample supplies in the market as production during kharif is higher by more than 57% this season compared to last year. Soyabean prices weakened further by tracking lower prices in international markets as prospects for higher supply of the crop improved in South America. The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for January also cut forecast for ending stockpiles compared to previous month, the department said in its World Agriculture Supply and Demand Estimates report.

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