Soyabean On NCDEX Settled Up By 0.37% At 3002

Soyabean on NCDEX settled up by 0.37% at 3002 tracking firmness in overseas prices as rains delayed fieldwork in parts of the U.S. grain belt. Reflecting the big harvests, the USDA raised its forecast of global soybean stocks at the end of the 2016-17 marketing year to 87.41 million tonnes, up from 82.82 million in March and above an average of trade estimates for 83.91 million. The agency in a monthly report raised its estimate of Brazil's soybean crop to 111 million tonnes, from 108 million last month. The USDA put the Argentine soy crop at 56 million tonnes, up from 55.5 million in March. The agency estimated U.S. soybean ending stocks for the 2016/17 crop year at 445 million bushels, up from its previous outlook of 435 million bushels. 

The average of estimates in a poll had expected the report to show ending stocks of 447 million bushels. 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 10 Rupees to 3082 Rupees per 100 kgs.

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