Soyabean On NCDEX Settled Up By 0.86% At 2937



Soyabean on NCDEX settled up by 0.86% at 2937 on short covering after prices dropped amid ample available stocks in the country. Reports showed that arrivals of soybean during Apr 2017 is 2.82 lakh tonnes, higher by 20% compared to last year same month. Moreover, the stocks of soybean in NCDEX warehouse as on May 01, 2017 is about 1.21 lakh tonnes against the 55, 133 tonnes last year. 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. 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.


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