Soyabean On NCDEX Settled Up By 1.43% At 3050

Soyabean on NCDEX settled up by 1.43% at 3050 as supplies are diminishing but the demand for crushing is intact due to encouraging soy meal exports. Pressure in overseas prices due to higher global output and stocks coupled with lower crushing data in the US. There has also been some improvement to the weather in Argentina following the heavy rain the country. As per data, arrivals of soybean during Apr 1-15 are 120,423 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. The U.S. Department of Agriculture raised its forecast for Brazilian soybean production for the 2016/2017 crop year. The USDA projects Brazilian output at 111 million metric tons, up from its previous forecast for 108 million metric tons. Still, the soybean market is likely to be underpinned by strong demand from China in the months ahead

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