Soyabean On NCDEX Settled Down By -0.24% At 2940

Soyabean on NCDEX settled down by -0.24% at 2940 on profit booking after prices gained on lower arrivals in local mandis. However, due to poor remuneration this year soybean growers in Madhya Pradesh, who contribute about 70% of India's total bean output, are expected to shift to pulses and cotton tempted by attractive prices. 

As per SEA, soymeal exports rose about 10 times on year to 1.24 lt in April 2017. As per data, arrivals of soybean during first week of May, lower by 33% compared to first week arrivals in April. Moreover, the stocks of soybean in NCDEX warehouse as on 1st May 2017 is about 1.21 lakh tonnes against the 55, 133 tonnes last year. This indicates that there are ample supplies available in the physical market. According to United States Department of Agriculture (USDA) April estimate, U.S 2016/17 ending stocks of soy oil is increased to rise to 2,122 million lbs from 1,772 million lbs in March estimate.

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