Soyabean On NCDEX Settled Up By 0.13% At 3028

Soyabean on NCDEX settled up by 0.13% at 3028 recovering from lows after prices dropped amid good spell of rain over major bean growing areas spurted expectation of higher supply and weak demand. As per government data, area under soybean crop across the country for the 2017-18 kharif was 8.45 million hectares till last week, down about 1.7% on year. Last year, the acreage was 10.28 million hectares.

In its July crop report, soybean production in Argentina has been reduced to 55 million tonnes compared to 57 million tonnes estimated in the month of June according to the Ministry of Agriculture. Production has declined as a result of lower planting area. In the weekly USDA crop progress report; Soybeans blooming are reported at 69% which is down from 74% from the corresponding period last year and up from the 5-year average of 67%.

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