Soyabean On NCDEX Settled Down By -0.67% At 2966

Soyabean on NCDEX settled down by -0.67% at 2966 tracking weakness in demand on increasing arrivals in the domestic spot markets. Lack of demand from export and domestic market along with bumper output this year kept bean prices under pressure. Prices were also under pressure tracking global cues amid higher output from the United States and Brazil, the world's top bean grower. Further weighing on prices is subdued demand for soymeal from poulty industry on subdued demand for Broilers. Demand for broilers has plunged on rising temperatures in Northern India. Price of broiler chicken in benchmark Delhi market also declined by Rs 4 at Rs 86 per kilogram during the week ended 15, April 2017 with a total loss of more than 5%. According to US Department of Agriculture (USDA), till Apr 23 soybean planting in US is completed by 6% compared to 3% a year earlier and five year Average. Brazilian soybean harvest is 93% completed untill Apr 20 compared to 92% completed in the same period a year ago and five-year average of 90.4%.

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