Soyabean On NCDEX Settled Down By -0.18% At 2844



Soyabean on NCDEX settled down by -0.18% at 2844 on profit booking and lower demand for soymeal in the market. However, downside seen limited on lower sowing along with reports of poor monsoon progress sparked supply shortage. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 45,500 hectares till June 16 compared to 101,000 hectare sown during the same period a year ago.

Lower sowing data may cushion the prices at lower level. Meanwhile, according to the USDA weekly crop progress report, around 96% of the crop has been planted till June 18 compared to 95% last year same duration and 93% on prior five-year average. As per the above report, the conditions of the soybean crops in US is 67% good to excellent compared to 73% year on year and 63% last week. Soybean arrival across India dropped on subdued demand from millers and oil crushers.

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