Soyabean On NCDEX Settled Up By 0.1% At 3005

Soyabean on NCDEX settled up by 0.1% at 3005 on account of diminishing supplies in the domestic market. Still, the soybean market is likely to be underpinned by strong demand from China in the months ahead. China, the world's largest soybean buyer, imported 6.33 million tonnes of the beans in March, a record for the month. However, some gains capped by lower prices at overseas markets as lower US crushing in March and dry weather over the weekend aiding Argentina's soybean crop. The supplies in the physical market decrease in first 10 days in April compared to last month. As per data, arrivals of soybean during Apr 1-15 are 97,040 while during in Mar it was about 1,64,286 tonnes during same time frame. As per latest SEA data, Soymeal exports from the country jumped by 137% to 916,306 tonnes in 2016/17 Vs 387,298 tonnes during last financial year 2015/16, however, m/m the exports have declined to 107,059 tonnes in Mar compared to 207,977 tonnes in Feb 2017. Brazil's agricultural statistics agency Conab raised for the fourth time this year its estimate for the country's 2016/17 soybean crop, now seen at 110.2 million tonnes, a 2.4 percent increase from March's forecast. The government also raised Brazil's soybean export forecast to 61 million tonnes for the current crop, but said the estimate will only be confirmed if the country boosts shipments in the coming months through September, when U.S. farmers begin to harvest their crop.

At the Indore spot market in top producer MP, soybean gained 5 Rupees to 3087 Rupees per 100 kgs.Technically now Soyabean is getting support at 2989 and below same could see a test of 2974 level, And resistance is now likely to be seen at 3027, a move above could see prices testing 3050.

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