Soyabean On NCDEX Settled Up By 0.23% At 3038

Soyabean on NCDEX settled up by 0.23% at 3038 on short covering after prices dropped on subdued demand for bean. Brazil's Conab hiked production estimation for 2016-17 which fuelled oversupply woes and on subdued demand for bean following weak United States bean export sale data. With improving weather prospects in South America demand is slowing down in the US. Latest weekly soy bean export sales fell to 87,700 tons (old-crop and new-crop combined) in the latest week from 979,200 tons a week ago. The agency expects Brazilian farmers to produce 103.8 million tons of soybean as compared to 95.4 million tons grew in the same period a year ago.

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