Soyabean On NCDEX Settled Up 0.62% At 2761



Soyabean on NCDEX settled up 0.62% at 2761 on short covering after prices dropped earlier due to lower demand in the domestic market. Further upside seen limited due to weak overseas prices following a deep fall in crude oil prices and plentiful supplies in world markets. However, the arrivals are lower as farmers reluctant to sell at ‘low prices’ so far this season.

According to United States Department of Agriculture (USDA) in its planting report at date ending 14th May soybean planting rose to 32 percent from previous week levels of 14 percent and equivalent to 5-year average. Planting is below corresponding period last year.

Around 60% soybean solvent extraction plants in Madhya Pradesh have shut their operations about two months earlier than expected, because of subdued demand for soymeal and lower prices of soyoil. Most mills stalled their crushing activities during this time last year because of a small crop, but this year, crushing was expected to continue in bulk till the end of June on the back of bumper output, the official said.

Soybean crop in the Madhya Pradesh was estimated 58% higher on year at 7.1 mln tn in 2016-17 (Jul-Jun), an official with the state's farm department said. The 2017-18 soybean ending stocks came in at 480 million bushels, which was 88 million bushels below the pre-report analyst average. USDA projected the 2017-18 soybean production at 4.255 billion bushels, down from 4.307 billion bushels in the 2016-17 crop.


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