Soyabean On NCDEX Settled Up By 0.59% At 3084

Soyabean on NCDEX settled up by 0.59% at 3084 due to increasing demand from the bulk buyers and oil millers at the spot market. Soybean prices improved further after the USDA trimmed its estimate of the US 2016 soybean yield to 52.1 bushels per acre, still an all-time high, but down from its previous figure of 52.5 and below an average of trade estimates for 52.7. The agency also lowered its forecast of US 2016/17 soybean ending stocks to 420 million bushels, from 480 million last 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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