Soyabean On NCDEX Settled Up By 0.72% At 2782

Soyabean on NCDEX settled up by 0.72% at 2782 on short covering after prices dropped amid higher supplies and good progress of new season crop. India soybean sowing for the current kharif reached 23,000 ha so far vs 20,000 ha year ago.

As per data, arrivals of soybean during the second half of May increase to 1.28 lt as compared to first half. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive.

India may export 1.5 mt of soymeal during the 2016/17 marketing year (Oct-Sep) lower from 2 mt expected in the beginning of the season. Moreover, record South American soybean harvests are also weighing on prices, with Brazil expected to accelerate sales.

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