Soyabean On NCDEX Settled Up 0.53% At 2835

Soyabean on NCDEX settled up 0.53% at 2835 tracking firmness in spot demand on short covering on supply worries and demand worries for Indian soymeal. Data released by the Soybean Processors Association of India (SOPA) showed that Soybean arrivals in local mandis during April slipped for the seventh consecutive month by 10% compared to previous month as farmers were reluctant to sell crops at lower prices.

Arrivals during April fell to 450,000 tons as compared to 500,000 tons in March. Further, The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for May in its World Agriculture Supply and Demand Estimates report. The USDA expects soybean output in US, the world's biggest bean grower, at 115.8 million tons in April compared to 117.2 in previous month.

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