Soyabean On NCDEX Settled Down By -0.4% At 2983

Soyabean on NCDEX settled down by -0.4% at 2983 as good spell of rain over major bean growing areas spurted expectation of higher supply and weak demand. Prices of the soyabean will remain down as rebound in monsoon activity sparked market participants hope of higher output this year. Prices of bean will also be under pressure tracking global cues amid reports of favourable weather in United States, the world's biggest bean grower.

Madhya Pradesh, which account of 70% of country's total soybean output, received 31.3 mm rainfall which is 172% above normal rainfall. Additionally, India Meteorological Department have predicted heavy to very heavy rains at isolated places over Madhya Pradesh. Moreover, the United States department of agriculture (USDA) hiked 2017-18 United States soybean production forecast for July in its World Agriculture Supply and Demand Estimates report.

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