Soyabean Prices Seen Under Pressure

Soyabean prices seen under pressure on expectation of higher supply in global market and on weak demand. Prices of the bean were down on oversupply woes as rainfall resume in major growing region of Brazil. Prices also dropped amid lower demand from crusher as per their requirement and they are carrying around 25-30 days of stock of soybean and soymeal so crushers are unlikely to buy soybean aggressively at higher level. According to United States Department of Agriculture (USDA) Foreign Agriculture Service (FAS) soybean output in Brazil, the world's third biggest bean producer is estimated to be around 102 million tons. Meanwhile, the exports are likely to be around 58 million MT for 2016-17 seasons.

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