Soyabean On NCDEX Settled Down By -0.63% At 3002

Soyabean on NCDEX settled down by -0.63% at 3002 tracking weakness in spot demand on higher arrivals in the local mandis. Arrivals are higher due to bumper production while demand is higher in anticipation of strong export order for soymeal. The Soybean Processors Association of India (SOPA) has hiked its estimate for soymeal exports in 2016-17 (Oct-Sep) to 1.8 million ton as compared to one million tons estimated earlier. In addition to that, during Oct-Jan, the country exported 74,000 tons of soybean and 525,000 tons of soymeal, SOPA said. Arrivals across Madhya Pradesh were around 130,000-150,000 bags of 90 kilograms compared to 125,000-140,000 bags of 90 kilograms. Arrivals across Indore were at 7,000 bags of 90 kilograms compared to 8,000 bags of 90 kilograms.

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