Soyabean On NCDEX Settled Down By -1.08% At 3026

Soyabean on NCDEX settled down by -1.08% at 3026 tracking weakness in spot demand in anticipation of higher supply. However downside seen limited on higher soymeal demand hope as Indian meal prices are competitive in the export market. In addition to its demand of soymeal by poultry feed manufacturers has revived due to increased price of broiler chicken in retail market. In near term farmer may sell soybean in large quantities as they are not getting desirable prices after holding it for four months and also they will harvest the rabi crops whose prices are also less due to which they will sell more soybean and hold rabi crops for one or two months. Exports of soybean oilmeal during January climbed multi fold to 155,160 tons as compared to 28,400 tons in January 2015, data released from Solvent Extractors Association of India (SEA) showed.

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