Soyabean On NCDEX Settled Down By -0.55% At 2876

Soyabean on NCDEX settled down by -0.55% at 2876 due to higher arrivals and steady demand from the mills. The US Department of Agriculture (USDA) recently raised its global production forecast for the 2016-17 fiscal, driven by higher output estimate for Brazil. In India too, production is set to rise sharply, after two years of drought. Reports showing that arrivals of soybean during 20-25 March were about 80,555 tonnes against 40,910 tonnes during the previous week. Besides, government has cut customs duty on import of sunflower seed to 10% for April-September from 30%, which expected more competition for soybean products, too influenced soyabean prices.

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