Soyabean On NCDEX Settled Down By -0.42% At 3078

Soyabean on NCDEX settled down by -0.42% at 3078 traking weakness in spot demand and overseas prices amid record Brazilian crop hits the market. Soybean arrivals in the country totaled at 245,000 bags against 260,000 bags on previous session. Further direction of soybean will depend on the demand of soymeal and farmer selling pattern. Demand from crusher has improved in recent times due to improved sales of soymeal. Export of soyameal and its value-added products have recorded a staggering growth of 446.38 per cent this year, according to the Soyabean Processors Association of India (SOPA). Exports during January were pegged at 1,55,164 tonnes compared to 22,398 tonnes in January 2016.

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