Soyabean On NCDEX Settled Down By -0.71% At 2935

Soyabean on NCDEX settled down by -0.71% at 2935 on oversupply woes after the government reported higher output. However downside seen limited amid higher soymeal demand hope as Indian meal prices are competitive in the export market. Agriculture department in second advance estimates pegged 2016-17 soybean crop at 14.125 million tons as compared to 8.570 million tons reported in the previous year. In addition to this, lower demand from poultry farm is also expected to keep pressure on the prices as broiler chicken prices in retail market is mostly ruling flat as the demand from consumers is limited.

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