Soyabean On NCDEX Settled Down -0.61% At 2927

Soyabean on NCDEX settled down -0.61% at 2927 on higher arrivals in local mandis and hope of increasing demand for soymeal from feed industry. However downside seen limited on higher demand for soymeal from poultry feed manufacturers. Arrivals have increased as farmers are getting good prices. In past two-days prices have risen by Rs 25 per quintal which led to higher arrivals. All India soybean arrivals were stood at 100,000-90,000 bags as compared to 60,000-50,000 bags in the previous day. 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. 

China is the world's largest buyer of soybean and accounts of over 60% of world's imports. Imports would be mainly carried out from the US, Brazil and Argentina, the world's leading growers of soybean. The Asian country is estimated to import 86 mln tn of soybean last year. The forecast for China's total oilseed imports was also raised to 93.84 mln tn for 2017-18 from 90.37 mln tn. 

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