Soyabean On NCDEX Settled Down By -0.23% At 301

Soyabean on NCDEX settled down by -0.23% at 3019 on expectation of sufficient supplies in the domestic market. Pressure also seen as good weather in key crop-growing areas of South America bolstered expectations of a bumper harvest in Brazil and Argentina, with expectation that the USDA forecasts too low. The production will be higher this year and the oil millers are purchasing soybean at lower prices so that they can have parity to export soy meal at competitive rates. The Soybean Processors Association of India has raised the estimate for soy meal exports in 2016-17 (Oct-Sep) to 1.8 mt from 1.0 mt projected earlier. The United States department of agriculture (USDA) maintained 2016-17 United States soybean production forecast for February also kept forecast for ending stockpiles unchanged compared to previous month, the department said in its WASDE report.

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