Soyabean On NCDEX Settled Up 0.82% At 3066

Soyabean on NCDEX settled up 0.82% at 3066 on supply worries from Argentina and on hope of higher demand from oil crushers. Soybean rose in anticipation of rise in demand from oil millers and crushing units amid rise in soymeal exports and on Argentina supply worries. As per Argentine agricultural ministry soybean production reported at 56 million tons down from 58.8 million tons in last season. Prices of the bean were also up on expectation of increasing export demand following robust data for December month. 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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