Soyabean On NCDEX Settled Up By 3.27% At 3185

Soyabean on NCDEX settled up by 3.27% at 3185 on improved buying in line with rising price at international markets following forecasts of lower-than-expected US output. 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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