Soyabean On NCDEX Settled Down By -0.67% At 2947



Soyabean on NCDEX settled down by -0.67% at 2947 on profit booking after prices gained on lower arrivals in local mandis. Soybean acreages in Madhya Pradesh, India's biggest grower of bean, is expected to fall as poor remuneration may prompt farmers to switch to other cash crops. In 2016-17, farmers in Madhya Pradesh planted soybean in over 5.4010 million hectare, data released by the Soybean Processors Association of India showed. However, due to poor remuneration this year soybean growers in MP, who contribute about 70% of India's total bean output, are expected to shift to pulses and cotton tempted by attractive prices. All India soybean arrivals were stood at 125,000-130,000 bags (90 kilogram per bag) as compared to 140,000-145,000 bags.

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