Soyabean On NCDEX Settled Up By 0.91% At 2770

Soyabean on NCDEX settled up by 0.91% at 2770 due to increasing demand in the domestic spot market. However, ample supplies from domestic as well as overseas markets and good progress of new season crop capped some gains. Soybean trading across Madhya Pradesh mandis continued to remain suspended for sixth trading day as traders' extended a strike over cash payout after farmers ended their protest on Sunday following assurance by Chief Minister Shivraj Singh Chouhan.

Madhya Pradesh Chief Minister Chouhan Sunday while acceding to farmers demand assured giving them fair and remunarative prices to their produce with the payment being settled in cash and digital transaction. US soybean planting is 83% complete as on 4 June 2017 which is above from 82% in the corresponding period last year and also above from 5 year average of 79%.

Soybean emergence is reported at 58% which is less from 62% during the corresponding period last year but below from 5 year average of 59%. With soybean prices falling below MSP in key growing regions, industry experts see some shift in cropping patterns in the coming Kharif season. Farmers may either opt for cotton, castor and even groundnut in some states, top officials of the Solvent Extractors Association of India (SEA) said.

At the Indore spot market in top producer MP, soybean gained 14 Rupees to 2886 Rupees per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 3.11% to settled at 78540 while prices up 25 rupees, now Soyabean is getting support at 2739 and below same could see a test of 2709 level, And resistance is now likely to be seen at 2798, a move above could see prices testing 2827.

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