Soyabean Dropped On Expectation

Soyabean dropped on expectation of bumper crop output in domestic and international market and weak demand for meal. Bean prices were down on oversupply woes along with weak demand of soymeal the byproduct. Prices of the bean were down after the Indian government in the second advance estimate for 2016-17 report hike bean output forecast. Agriculture Department in its second advance estimates for 2016-17 pegged soybean crop at 14.125 million tons as compared to 8.570 million tons a year ago. The country has harvested record 14.666 million tons in 2012-13. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association. NOPA reported that its members have processed 160.621 million bushels during January, up from 150.453 million bushels during the corresponding period last year and also up from 160.176 million bushels in December 2016.

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