Soyabean On NCDEX Settled Up By 0.28% At 2887

Soyabean on NCDEX settled up by 0.28% at 2887 due to bargain buying and demand from the mills as meal exports have been higher. Though, expectations for increased plantings in North America along with already ample global supplies, capped some gains. Agroconsult has raised Brazil’s 2016/17 soybean production by around 3 million tonnes to 111 million tonnes, highest by any agency. The agency had estimated country’s production at 107.8 million tonnes in its previous projection made in February. Brazil’s 2016/17 soybean crop production is estimated up at 107.3 million tonnes compared to 104.6 million tonnes projected in February by Abiove. Brazil’s 2017 soy shipments are projected at 59.8 million tonnes up from 58.7 million tonnes estimated in February. Soybean arrivals in the local mandis were estimated at 40,000-50,000 bags today as compared to 125,000-135,000 bags on the previous day. Soybean arrivals in Rajasthan fell to 10,000-15,000 bags as compared to 15,000-20,000 bags on the previous day.

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