Soyabean On NCDEX Settled Up By 1.51% At 2832

Soyabean on NCDEX settled up by 1.51% at 2832 on expectation that the Minimum Support Prices (MSP) for soybean may increase and lower supplies in the physical market. However, good sowing progress in the current kharif crop, capped some gains. The USDA rated soybean crop as 66 percent good-to-excellent, compared with forecasts for 69 percent. U.S. corn was at 67 percent good-to-excellent, matching forecasts.

The National Oilseed Processors Association's May soybean crush was forecast to fall 6 percent below the 2016 level, with U.S. processors slowing their pace amid abundant South American supplies. US soybean planting is 92% complete as which is up from 91% in the corresponding period last year and also up from 5 year average of 87%. Soybean emergence is reported at 77% which is at par with the corresponding period last year and also up from 5 year average of 73%.

About 66% of the soybean planted crop is under good to excellent condition which is down from 74% during the corresponding period last year. USDA left domestic soybean production unchanged in the monthly World Agricultural Supply and Demand Estimates report, but bumped both old-crop and new-crop soybean ending stocks both domestically and globally.

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