Soyabean On NCDEX Settled Down

Soyabean on NCDEX settled down -0.38% at 2872 amid expectation of ample supplies in the domestic as well as international markets. The US Department of Agriculture in a monthly supply/demand report increased its forecast of Brazil's 2016/17 soybean harvest to an all-time high 108 million tonnes, from 104 million in February. The United States department of agriculture (USDA) maintained 2016-17 United States soybean production forecast for March while hiked forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.

The USDA expects soybean output in US, the world's biggest bean grower, at 117.2 million tons in March unchanged from the previous month while higher than 106.9 million tons a year ago. USDA also expects 2016-17 US soybean ending stockpiles to be at 435 million bushels in March as compared to 420 million bushels in February while higher than 197 million bushels estimated in the same period a year ago.

Soybean production forecast for Brazil, the world's second biggest soybean producer, hiked to 108 million tons in March as compared to 104 February and 96.5 million tons in March 2015-16, the USDA said. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association. Technically now Soyabean is getting support at 2860 and below same could see a test of 2847 level, And resistance is now likely to be seen at 2890, a move above could see prices testing 2907.

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