Soyabean On NCDEX Settled Down By -2.24% At 3014

Soyabean on NCDEX settled down by -2.24% at 3014 on profit booking after prices gained due to deficient rains in soybean growing areas of MP, Rajasthan and Maharashtra. According to SOPA press release, India's exports of soymeal rose 56.1% on year to 64,000 tonnes in June. As per government data, area under soybean crop across the country for the 2017-18 kharif was 53.6 lakh hectares till last week, up by about 10% on year.

Last year, the acreage was 48.6 lakh hectares. The slow progress of the monsoon and unattractive prices last year may dampen the spirit of soybean growers this kharif season. Triggered by these factors, farmers are feared to turn to alternative crops, thereby reducing soybean acreage, which may fall below last year's 110 lakh hectares.

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