On NCDEX Settled Down -0.17% At 2941

On NCDEX settled down -0.17% at 2941 on higher arrivals in local mandis and on subdued demand for soymeal from poultry sectors. Arrivals in the local mandis were estimated at 130,000-133,000 bags today as compared to 50,000-65,000 bags on the previous day. Demand from crushers is just to meet the immediate requirement due to negative crush margins. Demand for soymeal is also weak from domestic buyers due to lean demand for eggs and broilers during summers. Soymeal demand from poultry feed manufacturer is reducing at higher level as most of the poultry farmers are facing decline in profit margin if they procure soymeal at higher level. The US Department of Agriculture's Beijing arm has maintained its forecast for soybean imports by China at record 89 mln tn in 2017-18 (May-Apr) due to rising demand in domestic markets.

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