Soyabean On NCDEX Settled Up By 0.53% At 3023

Soyabean on NCDEX settled up by 0.53% at 3023 on expectation of good physical buying due to good rally in edible oils. However, some gains were capped on long liquidation at higher prices, and an anticipation that the acreage may improve in coming weeks due to good rains in soybean cultivating states. Farmers in the country planted soybean across 1.52 mln ha, down 19.2% on year, largely due to lower sowing in Madhya Pradesh, the latest data from the agriculture ministry showed. The acreage has been lower in Madhya Pradesh due to slow progress of the southwest monsoon.

Southwest monsoon had hit Madhya Pradesh on Jun 22, nearly a week later than the normal onset date of Jun 15 over the state. In Madhya Pradesh, the acreage under the crop was at 569,000 ha, down from 1.04 mln ha in the previous year, the data showed. The average area as of Thursday based on the past three-year data is at 2.3 mln ha.

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